HONG KONG, Nov. 7, 2016 /PRNewswire/ -- MGM China Holdings
Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today
the selected unaudited financial data of the Company and its
subsidiaries (the "Group") for the three months ended September 30, 2016 (the "Period").
- During the Period, MGM China recorded total revenue of
HK$3.9 billion, increased by 11% from
the second quarter. Adjusted EBITDA was up 24% sequentially to
HK$1.3 billion. For the Period,
Macau's gross gaming revenue (GGR)
grew by approximately 7% sequentially.
- The Group's EBITDA margin grew to 33% for the Period as a
result of business mix and cost management, a 350bps improvement
from in the second quarter. Main floor business accounted for
nearly 80% of the Group's profit.
- For the Period, main floor table games win increased by 13%
sequentially, compared to Macau
mass market growth of approximately 8%. Hotel rooms at MGM
MACAU achieved an occupancy rate
of 95.7% during the Period with revenue per available room (REVPAR)
of HK$2,157.
- VIP table games win increased by 3% sequentially. VIP table
games turnover was increased by 5%, in line of the market. VIP
table games win percentage was 3.0%, compared to 3.1% in the second
quarter.
- The Group continues to see stability in the main-floor
business. We are undergoing a remodeling of main floor at MGM
MACAU to pursue diversification
including creating additional retail space and upgrading our food
and beverage experiences.
- We continue to move full steam ahead with the construction of
MGM COTAI. The MGM brand resonates with visitors worldwide, and we
are highly focused on growing our customer database and
infrastructure to ensure success when we open our second resort in
this dynamic marketplace in the second quarter of 2017. The budget
remains approximately HK$24
billion.
Grant Bowie, Chief Executive
Officer and Executive Director of MGM China said: "Operating
efficiency is a core strategy as we continue to demonstrate over
the years. We focus on customer acquisition both on mass gaming and
non-gaming leisure business, continue to drive operational
excellence and to develop our shared capabilities.
"We are excited to the opening of MGM COTAI, a first of its
kind integrated resort with technology and entertainment
offerings. We believe it will be well received by the market and we
are confident to capture the growth opportunities of Macau."
About MGM China Holdings Limited
MGM China (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/subconcessions 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 is developing a second
resort, MGM COTAI which is expected to more than double our
presence in the world's largest gaming market, 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