MGM China Reports 2022 First Quarter Financial Data – Benzinga – Press Release

Positioned for Market Recovery  Maintained Market Share

HONG KONG, May 2, 2022 /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 March 31, 2022 (the “Period”).

  • Macau and Greater China continued to be under the severe impact of the COVID-19 pandemic in 2022. We saw demand pick up during the Chinese New Year (CNY). Visitation to Macau increased 26% year-on-year during the six-day holiday period. MGM saw growth of rated mass player count and table volume across both properties while hotel occupancy reached 93% for MGM MACAU and 72% for MGM COTAI.
  • However, with the widening pandemic outbreaks in mainland China during the quarter, many Chinese provinces have imposed lockdown measures as well as enhanced travel and border controls. Macau had also tightened requirements for inbound travelers. These all resulted in a decline of Macau’s gross gaming revenue (GGR).
  • First-quarter market-wide GGR was down by 25% year-over-year to MOP17.8 billion. Daily GGR was at 25% of 2019 fourth-quarter pre-pandemic level.
  • MGM China saw first-quarter daily GGR at 35% of 19Q4 level, outperforming the market with our meticulous focus on service and product coupled with our strength in the premium segment. In the same period, we grew our market share to 13.3% compared to 11.5% a year ago.
  • For the Period, MGM China recorded total revenue of approximately HK$2.1 billion (21Q1: HK$2.3 billion). It had an adjusted EBITDA of approximately $46 million (21Q1: HK$84 million).
  • MGM MACAU recorded revenue of HK$1.2 billion (21Q1: HK$1.3 billion) and an adjusted EBTIDA of HK$153 million (21Q1: HK$170 million). It is by far the best performing mass gaming property on the Peninsula, boasting the highest mass table win since May 2021. Hotel occupancy was at 73% for the Period.
  • MGM COTAI recorded revenue of HK$914 million (21Q1: HK$981…