MGM China posts $80.2m GGR during Q1
Visitor arrival rose by 12% during the period.
Key Points
- Results posted reflected increases in several areas when compared to reports from the previous quarter
- Adjusted EBITDA margin increased by three percentage points in Q1
MGM China Holdings Limited, a subsidiary of MGM Resorts International, has published its unaudited financial results for the first quarter.
During the quarter, average daily visitor arrival rose by 12% when compared to results posted in the previous quarter and reached 109,585.
MGM China reported growth in its gross gaming revenue (GGR) during the quarter as well. Q1 GGR reached $80.2m up by 3% quarter-to-quarter.
The group reported $1bn in net revenue during the quarter. Adjusted EBITDA was $309m during the first quarter.
The adjusted EBITDA margin grew by nearly three percentage points when compared to the previous quarter and reached 29.6%.
MGM China President and Executive Director Kenneth Feng took a moment to discuss the quarterly report.
He commented, “Our outstanding performance demonstrates our deep understanding of customers with continued improvements in service levels. It is also a testament to our team’s continuous innovation in crafting compelling experiences for our customers.”
Feng highlighted the company’s approach to future development as well.
He said in closing, “We are delighted to see the diversification development of Macau. We are committed to bringing more unique and integrated experiences to our customers, to develop Macau into a global and diversified tourist destination through our concession commitments.”
Macau’s casinos recently posted their revenue results for the month of April. Last month, casino revenue in the region reached $2.32bn, reflecting a 1.7% increase when compared to results from the previous year.
Casinos in Macau reported lower revenue at the start of the year. However, revenue has increased during April, though totals in February and March were higher than last month.
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