MGM China Retur

MGM China Returns To Positively Adjusted EBITDA In Q1

Macao casino operator MGM China Holdings' adjusted Q1 earnings before interest, taxation, depreciation and amortization were positive at HK$1.41 billion, compared with HK$42.1 million in adjusted EBITDA loss in Q4.01 billion.

On a sequential basis, first-quarter net income rose 253.3% to HK$4.84 billion, compared to HK$1.37 billion in the fourth quarter. The sequential improvement coincided with easing of COVID-19 rules in mainland China, Macau and Hong Kong in early January.

MGM China has seen a "fast return to profitability," MGM Resorts International's chief executive and president Bill Hornbuckle cited in the parent company's press release on Monday. The Macau unit said in its own press release that its market share of total game sales had reached a "historic high of 15.4%."

"Our remarkable performance in Macau is a direct result of careful preparation and well-executed planning by a team that has captured market share and made sure it is ready to deliver results when markets reopen," Kenneth Feng, MGM China's chief strategy and finance officer, said in a statement.

Macau operations recorded a "clean EBITDA bit," according to a note from analysts DS Kim and Mufansh at JP Morgan Securities (Asia Pacific) on Tuesday. They added that the adjusted EBITDA for the first quarter of 2023 was "87% of the first quarter of 2019" to compare with pre-pandemic trading in 2019. 경마사이트

"Management comments from Q2 to date along with 'well above 90%' EBITDA before COVID were also optimistic about showing a much better recovery trend in April," the analysts added. Main Floor Table Game Decline In Urban Peninsula MGM Macau Q1 was HK$9.29 billion, just below HK$5.19 billion in Q1 2022.

The property's first-quarter VIP table game revenue was HK$7.43 billion, compared to HK$3.55 billion in the first quarter of 2022. Slot machine handles were just below HK$4.3 billion, compared with HK$2.88 billion a year earlier.

MGM Kotai's main floor table game decline in the city's new casino district for the first quarter was HK$7.78 billion, compared with HK$3.37 billion a year earlier. The property's first-quarter VIP table game revenue was HK$11.27 billion, compared to HK$3.97 billion in the first quarter of 2022.