April 24, 2020 Casino, Tribal, Land Based

MGM financials unconfirmed

By

MGM Resorts International yet to release full Q1 report.

MGM Resorts International has yet to release a full report for Q1 2020, but some details have been revealed. MGM China faces a 63% year-on-year decline with $272 million in revenue through March 31. The adjusted Property EBITDAR for MGM China is $22 million (an 88.6% decline).

Daily cash operating expenses for Macau properties are $1.5 million per day. MGM stated: “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 reported it costs the company $270 million a month to keep the venues (aside from MGM China and MGM Growth Properties) ready for re-opening once the lockdowns are lifted.

Jefferies gaming analyst David Katz expressed that “the near-medium-term outlook for the business remains highly questionable. Taken in total, we believe the update supports our positive view, which is MGM can endure until recovery is clearer.”

MGM net revenue for Q1 is $2.3 billion. This 29% drop was caused by disruptions in activity in both in the US and Macau.

Product Spotlight
Gaming Arts - Spinning Past the Status Quo with Inspiring Cabinets & Innovative Games!

View More
Virtual Showroom
SUPPLIER

CasinoTrac


SUPPLIER

Dickinson Wright


SUPPLIER

Pace-O-Matic


SUPPLIER

BetConstruct


SUPPLIER

TransAct


SUPPLIER

Ainsworth


SUPPLIER

Suzohapp





SUPPLIER

CASINOMONEY



SUPPLIER

Interblock


SUPPLIER

Eclipse Gaming