MGM China Holdings Limited chalks up depressed first-quarter financials

Macau kasino operator MGM China Holdings Limited has released its unaudited first-quarter financial results showing that its aggregated revenues dropped by 9% year-on-year to approximately $267.57 million.

The Hong Kong-listed firm used an official Monday filing to detil that this decline came as market-wide first-quarter gross gaming revenues in Macau plummeted by 25% year-on-year to slightly beyond $1.19 billion with associated daily receipts at only a quarter of their pre-pandemic fourth quarter of 2019 equivalents.

Sizeable stake:

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A subsidiary of American kasino giant MGM Resorts International, MGM China Holdings Limited is responsible for Macau's MGM Cotai and MGM Macau venues and revealed that its first-quarter daily gross gaming revenues were approximately 35% of their pre-pandemic levels. However, the operator moreover declared that it was able to grow its pasar sharing in the former Portuguese enclave by 1.8% to a very healthy 13.3% due to its ‘meticulous konsentrasi on servis and product coupled with our strength in the premium segment.'

Coronavirus consequences:

MGM China Holdings Limited pronounced that its resultant adjusted first-quarter earnings before interest, tax, depreciation and amortization fell by 45.2% year-on-year to about $5.86 million although it ‘maintained a healthy financial position' with keseluruhan liquidity of roughly $1.53 billion in ‘cash and kontan equivalents and undrawn revolver'. The operator also stated that this jatuh followed ‘the widening pandemi outbreaks in bermainland China during the quarter' that left many tempat localities in lockdowns alongside Macau's overall decline in aggregated gross gaming revenues following its decision to ‘tighten requirements for inbound travellers.'

Slim success:

Regarding its flagship MGM Macau properti and MGM China Holdings Limited disclosed that the 600-room venue experienced a fall of 7.7% year-on-year in first-quarter revenues to $152.89 million as adjusted earnings before interest, tax, depreciation and amortization dropped by 10% to something like $19.49 million. Nevertheless, the company asserted that the 35-story facility was ‘by far the best performing mass gaming properti on the peninsula' with hotel occupancy at 73% and ‘the highest mass table win since May of 2021.'