• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 6 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

MGM Resorts points to 63% decline in MGM China 1Q20 revenues as US$750,000 bond offering announced to boost liquidity

Ben Blaschke by Ben Blaschke
Fri 24 Apr 2020 at 05:55
MGM China, Pansy Ho, MGM Resorts extend branding and non-compete agreements to align with 2022 gaming concession expiry

MGM Cotai

89
SHARES
1.6k
VIEWS
Print Friendly, PDF & Email

MGM Resorts International has flagged a 63% year-on-year decline in revenues to US$272 million for its Macau subsidiary, MGM China, in the three months to 31 March 2020.

The preliminary results were included in a prospectus issued overnight after MGM Resorts announced a US$500 million bond offering, later upsized to US$750 million, aimed at further increasing the company’s liquidity position in the face of COVID-19.

While full 1Q20 results won’t be released until late next week, MGM provided some details early including an expected 63% fall in revenues and 88.6% decline in Adjusted Property EBITDAR to US$22 million for MGM China.

It also revealed daily cash operating expenses for its Macau properties – MGM Cotai and MGM Macau – are US$1.5 million per day, “significantly in excess of amounts being earned at those properties.”

“Several travel and entry restrictions in Macau, Hong Kong and certain cities and regions in mainland China remain in place … significantly impacting visitation to our Macau properties, which continue to have a material impact on MGM China’s results of operations,” MGM said.

Largely on the back of MGM China, MGM Resorts’ group-wide net revenue declined by around 29% to US$2.3 billion and Adjusted EBITDAR by 61% to US$295 million in 1Q20, although operating income increased from US$370 million to US$1.3 billion due to the recent MGM Grand Las Vegas/Mandalay Bay real estate transactions.

MGM Resorts said its operating expenses, excluding MGM China and MGM Growth Properties, is currently around US$270 million per month but noted it has cash and cash equivalents as at 31 March 2020 of US$6.0 billion, including US$381 million at MGM China.

RelatedPosts

Macau planning to ban all forms of advertising for gambling activities

Macau planning to ban all forms of advertising for gambling activities

Fri 4 Jul 2025 at 15:04
Hong Kong to launch “Southbound Travel for Guangdong Vehicles” scheme, no immediate plans for Macau

Hong Kong to launch “Southbound Travel for Guangdong Vehicles” scheme, no immediate plans for Macau

Wed 2 Jul 2025 at 18:10
Team Spirit

IAG announces Light & Wonder, Angel and Aristocrat Gaming as sponsors of Macau After Dark at Vasco – Bar & Lounge on Monday 7 July

Wed 2 Jul 2025 at 15:33
Abbiati targeting North and South American markets via strategic alliance with Hawkins Holdings

Abbiati targeting North and South American markets via strategic alliance with Hawkins Holdings

Wed 2 Jul 2025 at 09:39
Load More
Tags: covid-19first quarterliquidityMacauMGM ChinaMGM Resorts InternationalNorth Americasenior notes offering
Share51Share4
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Hong Kong’s Far East Consortium reports first full year gaming revenue after Australian, European acquisitions

Workers at The Star Brisbane take strike action over “insulting” pay offer

by Ben Blaschke
Sun 6 Jul 2025 at 09:13

Employees of Star Entertainment Group’s Brisbane casino walked off the job on Friday in protest over wage negotiations described by a workers’ union as “insulting”. The staff, including those working on the gaming floor, in restaurants and bars and in...

Philippine resort NUSTAR enters strategic partnership with airport hospitality provider Plaza Premium Group

Philippine resort NUSTAR enters strategic partnership with airport hospitality provider Plaza Premium Group

by Newsdesk
Sun 6 Jul 2025 at 09:11

Cebu’s NUSTAR Resort & Casino Cebu has announced a strategic partnership with Plaza Premium Group (PPG) – a leader in integrated airport hospitality experiences and passenger service solutions – to provide exclusive travel privileges for NUSTAR Rewards members and VIP...

Winds of change

As Philippine lawmakers push to crack down on the online gaming sector, PAGCOR promises to impose “any and all” regulations signed into law

by Ben Blaschke
Sat 5 Jul 2025 at 08:16

Philippine gaming regulator PAGCOR said Friday that it is not responsible for determining which laws are put in place to govern online gambling but will continue to perform its duty in regulating as per “any and all” relevant regulations signed...

Macau planning to ban all forms of advertising for gambling activities

Macau planning to ban all forms of advertising for gambling activities

by Pierce Chan
Fri 4 Jul 2025 at 15:04

The Macao SAR Government is planning to amend advertising laws and regulations, proposing a ban on all forms of advertising for gambling activities – including the display of gambling equipment in advertisements. Macau’s Economic and Technology Development Bureau stated on...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語