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.