MGM China Reports $666M Profit Decline [games]
MGM China, a Macau-based flagship developer and owner and operator of game resorts and lodging companies in the Greater China region, officially announced overnight that the group's overall profit fell by HK$6.85 billion ($490 million) in 2021, compared with a fall of HK$3.85 billion ($4.23 billion) in 2021.
Financial Results Report for FY22:
Official announcement of FY22 financial results also revealed a HK$1.27 billion decrease in 2022 adjusted EBITDA (approximately $162 million), meaning EBITDA profit fell HK$187.2 million (approximately $24 million) in 2021 results.
Regarding total casino revenues, the report nearly halved this year to HK$5.58 billion ($711 million), including a 40.4% drop in big table wins to HK$4.47 billion ($569 million) and a 72.5% drop in VIP table wins to HK$580.8 million ($74,060 million) slots.
In this regard, the company has not recommended payment of the final dividend for the year ending .
Big Expectations of the Year:
The company has recently suffered some of the aforementioned profitability issues, but analysts have cited MGM China as the most profitable company in 2023.
Supporting this statement is the fact that nearly 200 new game tables have been added to the company's allocation since the new concession table was issued 2023.
But that's not all. It's also because the company is expected to have up to 3% more market share than its competitors in the coming months.
Commenting on the company's latest gaming table, investment bank Morgan Stanley recently said, "MGM China will be the first of Macau's six concessions to reach pre-COVID levels of mass GGR."
Information:
Macao-based MGM China is the holding company of MGM Grand Paradise SA.
MGM Grand Paradise SA also owns and manages MGM Macau, an innovative premium integrated resort located on the Macau Peninsula, and Kotai's modern luxury deluxe resort MGM Kotai, which officially opened .
However, MGM China Holdings is mostly owned by MGM Resorts International, one of the leading international hospitality companies that manages a portfolio of destination resort brands related to Bellagio, MGM Grand and Mandalay Bay
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Financial Results Report for FY22:
Official announcement of FY22 financial results also revealed a HK$1.27 billion decrease in 2022 adjusted EBITDA (approximately $162 million), meaning EBITDA profit fell HK$187.2 million (approximately $24 million) in 2021 results.
Regarding total casino revenues, the report nearly halved this year to HK$5.58 billion ($711 million), including a 40.4% drop in big table wins to HK$4.47 billion ($569 million) and a 72.5% drop in VIP table wins to HK$580.8 million ($74,060 million) slots.
In this regard, the company has not recommended payment of the final dividend for the year ending .
Big Expectations of the Year:
The company has recently suffered some of the aforementioned profitability issues, but analysts have cited MGM China as the most profitable company in 2023.
Supporting this statement is the fact that nearly 200 new game tables have been added to the company's allocation since the new concession table was issued 2023.
But that's not all. It's also because the company is expected to have up to 3% more market share than its competitors in the coming months.
Commenting on the company's latest gaming table, investment bank Morgan Stanley recently said, "MGM China will be the first of Macau's six concessions to reach pre-COVID levels of mass GGR."
Information:
Macao-based MGM China is the holding company of MGM Grand Paradise SA.
MGM Grand Paradise SA also owns and manages MGM Macau, an innovative premium integrated resort located on the Macau Peninsula, and Kotai's modern luxury deluxe resort MGM Kotai, which officially opened .
However, MGM China Holdings is mostly owned by MGM Resorts International, one of the leading international hospitality companies that manages a portfolio of destination resort brands related to Bellagio, MGM Grand and Mandalay Bay
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2023-09-18 11:03
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