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MGM China posts $52m loss on 2Q22 from Macau travel restrictions

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MGM China posted and EBITDA loss of $52m for 2Q22, compared with a positive $9 million the previous quarter as Macau travel and entry restrictions severely impacted operations.

MGM China business dropped significantly in the current quarter 54 percent on a year-on-year basis at $143 million from $311 million in the prior year quarter.

Casino segment revenues of MGM China were culled in a year-on-year basis 55 percent down at $121 million in the current quarter from $271 million during the same quarter in prior year.

The VIP Table turnover in the current quarter dropped 74 percent on a year-on-year basis at $684 million from $2.6 billion.
The Main Floor Table Games Drop went down 66% at $425 million from $1.2 billion.

License fee expenditure borne by the company was $3 million in the current quarter as compared to $5 million in the prior year quarter.
The company reported adjusted property EBITDA loss of $52 million in the current quarter compared to adjusted property EBITDA of $9 million in the prior year quarter.

MGM Macau Revenues, which constitute 59 percent of the MGM China revenue pie in the current quarter, dipped 51 percent on a year-on-year basis at HK$662 million from HK$1.3 billion.

Whereas MGM Cotai revenues, which constitute 41 percent of the MGM China revenue, dipped 57% on a year-on-year basis at HS$459 million from HK$1 billion.

MGM China achieved 14% market share in the second quarter as public health policy still impacts demand, the second quarter 2022 earnings presentation read.

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The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.

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