MGM China posts third-quarter revenue and adjusted EBITDA records

MGM China Holdings Limited announced selected unaudited results for the third quarter on Oct. 28, reporting approximately HK$8.9 billion in revenue and approximately HK$2.4 billion in adjusted EBITDA for the three months ended Sept. 30. The company said both figures were all-time highs for any third-quarter period, according to its earnings release.

MGM China said its market share reached a record 17.1%, with MGM COTAI accounting for 10.5% and MGM MACAU for 6.6%. Occupancy was 94.1%, compared with 93.5% in the year-earlier period. Daily visitation across its properties rose 10% year over year, while daily gross gaming revenue and mass gross gaming revenue, including slot operations, each increased 5%, the company said.

Macau averaged 122,139 visitors a day during the period, an 8% year-over-year increase, while the market’s daily gross gaming revenue was MOP655 million, down 4%. MGM China attributed the broader market decline to the temporary impact of World Cup tournaments. By property, MGM COTAI generated approximately HK$5.4 billion in revenue and approximately HK$1.52 billion in adjusted EBITDA. MGM MACAU recorded approximately HK$3.5 billion in revenue and approximately HK$865 million in adjusted EBITDA.

The group reported approximately HK$25.6 billion in total liquidity as of Sept. 30, including bank balances, cash and an undrawn revolver. MGM China also said visitation during October’s Golden Week holiday rose 10% year over year. After converting suites at MGM COTAI earlier this year, the company has started renovating approximately 100 suites at MGM MACAU, according to the release.