MGM China suffers in Macau

The cutback in visitor numbers to Macau from mainland China has severely impacted the third quarter results for MGM China, the company reported.

The 12-day suspension of business in July and the tightening up of border controls during the quarter have had their effect as the company reported GGR reduced yet again.

In the quarter revenue was HK$687m (€89m), compared with HK$1.1bn (€142.5m) in the second quarter. Negative adjusted EBITDA was recorded of HK$536m (€69.4m), compared to a negative HK$382m (€49.5m) previously. Occupancy in the hotels fell to 21 per cent compared with 25.6 per cent in the second quarter.

MGM China had a market share of 13.2 per cent, said the company. Its GGR was 11 per cent of the 2019 pre-pandemic levels. Nevertheless the company remained in a good financial state, said today’s statement.