MGM China said its net revenues grew by 26 percent during the second quarter of 2019, reaching $706 million, resulting from the continued ramp-up of MGM Cotai, and an increase in main floor table games hold percentage.
Adjusted Property EBITDA reached $171 million, a 43 percent increase compared to the prior-year quarter.
MGM said much of the growth came from MGM Cotai, which saw the addition of new-to-market tables in 2019, and the opening of VIP gaming areas in the second half of 2018.
The company also noted that while Macau gross gaming revenue (GGR) remained mostly flat last year, MGM China saw its GGR increase 26 percent year-on-year. MGM China gained market share to approximately 9.2 percent compared to 7.3 percent a year ago.
Grant Bowie, CEO and executive director of MGM China said: “We are excited to see the ramping up of MGM COTAI. The recent opening of The Mansion offers exclusive luxury to the next level and helps us better positioned in the premium segment.
“We are also delighted and grateful to have our gaming sub-concession extended to 2022, which is a significant milestone and allows us to further commit and develop in Macau. We continue investing in our properties offering unique MGM experiences for our customers and supporting our government’s vision to develop Macau as the World Center of Tourism and Leisure.”
On Friday, analysts from Jeffries noted that while adjusted property EBITDA was broadly in line with consensus, MGM Cotai margin was slightly weaker than its estimates.
Management is optimistic about the outlook for mass, and returning VIP and premium mass players.