Sequential Improvement in Adjusted EBITDA MGM COTAI to Open January 29, 2018
HONG KONG, Nov. 8, 2017 /PRNewswire/ -- MGM China Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the "Group") for the three months ended September 30, 2017 (the "Period").
- During the Period, MGM China recorded total revenue of HK$3,679 million, an increase of 5% from the second quarter this year. Adjusted EBITDA grew 3% quarter-on-quarter to HK$1,049 million. The Group recorded adjusted EBITDA margin at 28.5% for the Period.
- The Group saw sequential improvement in all gaming segments, with approximately 80% of profit contributed by the main floor. Main floor table games win increased by 2% and drop increased by 7% sequentially. Slot win grew by 14% and VIP table games win increased by 9% sequentially.
- MGM MACAU saw market share improve each month within the Period. The Group sees this as a reflection of stability and resilience in Peninsula market which attracts quality players. We continue to invest and remodel main floor at MGM MACAU with additional retail space to create further diversified experiences for our visitors.
- We are in the final stage in preparing the opening of MGM COTAI on January 29, 2018. MGM COTAI will redefine the way people experience art and entertainment through innovative technology. The resort brings mind-blowing entertainment experiences through our Spectacle and MGM Theater, Asia's first dynamic theater with exciting resident shows. It is also home to a unique art collection of more than 300 pieces of contemporary art with themes of bridging the East and West, tradition and technology. The resort will become Macau's most creative culinary destination with first-to-Macau dining concepts curated by world-renowned Michelin-starred chefs and regional Chinese cuisines.
Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: "We are confident in Macau's long-term prospects. We continue contributing to its evolution into a World Center of Tourism and Leisure with the opening of our second integrated resort, MGM COTAI in January next year. We look forwards to expand our presence and capture the growth opportunities in this dynamic market."
About MGM China Holdings Limited
MGM China (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and is developing a second resort, MGM COTAI which is expected to more than double our presence in the world's largest gaming market, Macau.
MGM China is majority owned by MGM Resorts International (NYSE: MGM) one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.