MGM China, the Macau arm of US-based casino operator MGM Resorts, has reported net revenue of US$687 million (HK$5.4 billion) for the three months to 31 December 2018, a year-on-year increase of 33%.
The results were driven by the opening of MGM Cotai last February, with the property contributing US$287 million in net revenue for the quarter.
Both VIP and mass recorded increases, with main floor table games win up 31% year-on-year and VIP table games win increasing 18% due to the opening of VIP junket rooms at MGM Cotai in September 2018. Main floor table games drop increased 45% for the period, from US$1.40 billion in 4Q17 to US$2.03 billion, while VIP rolling chip was up 12% to US$10.98 billion.
Operating income was US$62 million compared to US$45 million in the prior year quarter, with Adjusted Property EBITDA up 11% to US$167 million. The quarter included US$12 million of license fee expense compared to US$10 million in 4Q17.
For the full year, MGM China saw its net revenue grow 32% in 2018 to US$2.4 billion, with MGM Cotai contributing US$729 million of net revenues. MGM China operating income increased from US$204 million to US$216 million and Adjusted EBITDA from US$536 million to US$568 million, an increase of 6%.
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