Tuesday, July 14, 2020
Martin Hennecke

MGM China's revenues climb 19pc to US$2.9b
Casino operator MGM China (2282) said full-year net revenues grew by 19 percent over a year earlier to US$2.9 billion (HK$22.62 billion) in 2019. Adjusted earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (Adjusted EBITDAR) during the period rose 28 percent year on year to US$735 million. The adjusted Property EBITDAR margin was 25.3 percent in 2019, up 185 basis points compared to 2018. Net revenues for the fourth quarter last year rose 6 percent from a year ago to US$727 million. The adjusted Property EBITDAR rose 10 percent to US$185 million in the final quarter last year, compared to US$168 million in the prior year quarter. The adjusted Property EBITDAR margin was 25.5 percent compared to 24.5 percent in the prior year quarter, primarily due to the continued ramping up of operations at MGM Cotai. VIP table game wins decreased 20 percent compared to the prior year quarter, primarily as a result of a 33 percent decrease in turnover at MGM Macau. Shares of MGM China rose 0.17 percent to HK$11.9 yesterday. MGM Macau and MGM Cotai have suspended all operations other than those necessary to provide sufficient non-gaming facilities to serve remaining hotel guests, MGM China said in the exchange filing. The government of Macau has asked all casino operators in Macau to suspend operations for a 15-day period starting on February 5 to mitigate the spread of the novel coronavirus. MGM China expects the suspension will "have a material effect on MGM China's results of operations for the first quarter of 2020 and potentially thereafter."

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