The addition of 25 new-to-market VIP tables at MGM Cotai helped to spur Q3 revenue growth at MGM China, though mass is seen as the prime growth opportunity going forward.
The casino operator saw its Q3 revenue gain 22 percent in the quarter, reaching HK$5.8 billion (US$738 million). Adjusted EBITDA grew 39 percent year-on-year. The company also noted that its GGR market share increased 25 percent from a year ago.
This was mainly due to growth across all business segments at MGM Cotai, with adjusted EBITDA up 433 percent to HK$693 million, main floor table games win up 84 percent year-on-year to HK$1.9 billion, slot win up 56 percent to HK$276 million, and VIP table games win up 1723 percent to HK$1.2 billion.
MGM said that the addition of 25 new-to-market tables at MGM Cotai helped to push VIP growth at this property. It also noted the addition of more authentic dining options on the gaming floor at MGM Cotai has been well received by the players with prolonged gaming hours on the gaming floor.
MGM Macau’s results, however, was let down by its VIP business, which saw VIP table games win down 44 percent to HK$1.3 billion due to headwinds and uncertainties in the market.
Main floor table games win was up 22 percent to approximately HK$2.0 billion, while slot win was approximately HK$297 million.
MGM noted that 86 percent of profit in the quarter came from non-VIP business.
Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: “We are encouraged to see profit at MGM COTAI reaching new high. MGM COTAI continues to ramp with solid sequential growth amid market uncertainties.
“We embrace the growth opportunities in the market, especially in the mass segment. We constantly evaluate our strategies, gaming as well as non-gaming offerings to offer unique MGM experiences, supporting our government’s vision to develop Macau as the World Center of Tourism and Leisure.”