MGM China has booked a 37% year-on-year increase in net revenue for the three months to 30 September 2018, the company revealed early Wednesday.
In a filing to the Hong Kong Stock Exchange, MGM’s Macau arm reported net revenue of HK$4.8 billion (US$606 million) in 3Q18, boosted by the opening of MGM COTAI in February which contributed slightly more than HK$1.3 billion. With MGM COTAI’s VIP operations still being introduced in phases, the company’s mass market gaming floors took in the lion’s share with main floor table games win increasing 43%. VIP table games win grew 11% due primarily to an 8% increase at MGM Macau.
MGM Resorts revealed a 45.8% increase in mass table game turnover to HK$14.9 billion (US$1.9 billion) and a 14.3% increase in VIP turnover to HK$73.7 billion (US$9.4 billion), with win percentage slightly down in both segments.
The majority of the company’s VIP business was done at MGM Macau, where VIP turnover totaled HK$65.8 billion – up 2.2% on 3Q17 – with win of HK$2.3 billion. Main floor table games drop declined 8.8% for the period to HK$9.2 billion, although slot handle grew 13.5% to HK$8.8 billion.
AT MGM COTAI, VIP turnover totaled HK$8.1 billion with win of HK$65.2 million, while mass table games drop was HK$5.6 billion with win of HK$1.1 billion.
Adjusted Property EBITDA grew 7% to HK$1.1 billion (US$130 million).
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