Monday, April 15, 2024
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MGM China achieves record quarter in GGR market share


MGM China recorded another month of market share increase in 4Q21, reaching 14 percent – which it said was a record quarter for the company. 

The company, which operates MGM Cotai and MGM Macau, said in a quarterly report that it recorded consolidated net revenues of $315 million in 4Q21, rising 3.3 percent from the prior-year period, though it was still down 57 percent compared to 4Q19 due to continued travel and entry restrictions in Macau. 

Adjusted property EBITDAR declined sequentially to $5 million, and was down 88 percent from 4Q20, due primarily to a $23 million bonus reversal in the prior year and a $13 million increase in bad debt expense. This figure was down 97 percent from 4Q19. 

The company also noted that VIP table games turnover fell 4 percent sequentially to $1.7 billion, which was 21 percent of 4Q19 levels. 

However, the main floor table games drop grew 12 percent sequentially to $1.2 billion and was 55 percent of 2019 levels. 

MGM China ended the full 2021 year with net revenues of $1.2 billion, up 84 percent from 2020, and adjusted property EBITDAR of $25 million, up from a loss of $194 million in 2020. 

During a presentation, MGM noted a number of strategic milestones reached in 2021, including being selected as Osaka’s integrated resort partner in Japan, and a number of sales and acquisitions of real estate and operations in the U.S. 

MGM Resorts chief executive officer and president Bill Hornbuckle said the company remains excited about its long-term opportunities including U.S. sports betting through BetMGM, pursuing “disciplined geographic expansion” through its Japan integrated resort, and reinvesting in its core business to drive sustainable growth.

Felix Ng
Felix Ng
Felix is the Asia Editor and Events Director of the Asia Gaming Brief. He has over a decade of experience developing conferences for industries including gaming, telecoms, investment, biotechnology, and mining. Felix covers gaming technology and innovation and is passionate about developing engaging and eye-catching content for the industry.