HONG KONG, Oct. 29, 2020 /PRNewswire/ -- MGM China
Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code:
2282) today announced selected unaudited financial data of the
Company and its subsidiaries (the "Group") for the three months and
nine months ended September 30, 2020.
- Macau gaming market has been
still under the severe impact of COVID-19 pandemic in the third
quarter of the year. The city and our properties continued to
experience low visitation levels primarily driven by various travel
restrictions and quarantine measures.
- There has been limited market activities during the quarter.
Macau visitation was down 92% from
last year. Gross gaming revenue was down by 93% year-on-year as
well.
- With the pandemic situation stabilizing in the region,
Macau has lifted the 14-day
quarantine measures between Macau
and Mainland China in July, followed by a resumption of issuance of
tourism visas starting from late August.
- While logistical hurdles and nucleic acid testing requirements
continued to impact visitation levels, the market has been steadily
improving indicating a gradual recovery pace.
- During the third quarter of the year, MGM China recorded total
revenue of approximately HK$363
million, up by 41% sequentially from the second quarter. The
Group had narrowed its loss to a negative adjusted property
EBITDA of approximately HK$731
million, compared to -HK$886
million in previous quarter.
- For the quarter, MGM MACAU
recorded revenue of approximately HK$264
million, up by 89% sequentially. It saw a negative adjusted
EBITDA of approximately HK$274
million, narrowed from -HK$391
million in the previous quarter.
- At MGM COTAI, revenue was approximately HK$99 million (20Q2: HK$118 million) and it had a negative adjusted
EBITDA of approximately HK$456
million (20Q2: -HK$495
million).
- Market-wide daily visitation has been very steadily improving
into October Golden Week. Since second week of the month, we are
seeing improving volume across all segments sequentially week on
week.
- The Group maintained a healthy financial position. As of
September 30, 2020, the Group had
total liquidity of approximately HK$10.9
billion, comprised of cash and cash equivalent and undrawn
revolver.
Hubert Wang, President &
Chief Operating Officer of MGM China said: "We are encouraged to
see the reopening of Macau and a
recovery in the market. We expect the rate of recovery will
continue to be gradual, driven by the premium mass market – which
both MGM MACAU and MGM COTAI are
ideally positioned to capture."
Construction of additional suites at MGM COTAI is underway and
expected to be launched in 2021, while there are other remodeling
and refurbishment projects on both properties to enhance customers
experiences.
"We will continue to invest in strengthening our market
position, and continue to believe in the long-term success of
Macau," said Hubert Wang.
About MGM China Holdings Limited
MGM China Holdings Limited (HKEx: 2282) is a leading developer,
owner and operator of gaming and lodging resorts in the
Greater China region. We are the
holding company of MGM Grand Paradise, SA which holds one of the
six gaming concessions/sub-concessions to run casino games in
Macau. MGM Grand Paradise, SA owns
and operates MGM MACAU, the
award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary
luxury integrated resort in Cotai, which opened in early 2018 and
more than doubles our presence in Macau.
MGM China is majority owned by MGM Resorts International (NYSE:
MGM) one of the world's leading global hospitality companies,
operating a portfolio of destination resort brands including
Bellagio, MGM Grand, Mandalay Bay and The Mirage. For more
information about MGM Resorts International, visit the Company's
website at www.mgmresorts.com.
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SOURCE MGM China