Asian casino operator, MGM China Holdings Limited, has released its financial results for 2018 showing that it had experienced a 33% increase year-on-year in group-wide revenues to $2.44 billion alongside an associated 4.3% rise in adjusted earnings before interest, tax, depreciation and amortization to $611.69 million.
The Hong Kong-listed firm used an official Wednesday press release to detail that it had also recorded a 34% year-on-year swell in its twelve-month mass table win as well as a comparable 59% growth in its annual slot earnings.
MGM Cotai relevance:
Majority-owned by American casino giant MGM Resorts International, MGM China Holdings Limited is responsible for the MGM Macau venue and opened its $3.4 billion MGM Cotai property in mid-February of last year. The operator explained that the premiere of this second 1,390-room Macau venue had helped to push its annual VIP table win up by 13% and take its 2018 company-wide revenues well beyond the previous year’s tally of $1.84 billion.
Further highlighting the significance of MGM Cotai, MGM China Holdings Limited declared that its overall revenues for the final three months of 2018 had risen by around 13% quarter-on-quarter to reach nearly $688.13 million. In addition, it revealed that its fourth-quarter adjusted earnings before interest, tax, depreciation and amortization had risen by some 26% to hit almost $178.41 million.
Grant Bowie, Chief Executive Officer and Executive Director for MGM China Holdings Limited, stated that MGM Cotai itself had chalked up ‘impressive sequential growth in both volume and win’ with its fourth-quarter revenues having improved by 67% quarter-on-quarter to $280.34 million. Moreover, the executive proclaimed that the 17.8-acre Cotai Strip property’s adjusted earnings before interest, tax, depreciation and amortization had more than tripled to $58.98 million thanks to a margin that had doubled to 20.6%.
Bowie’s statement read…
“We are building the momentum at MGM Cotai. We are also very excited about the launch of Mansion Villas, which aim to provide unique and exclusive experiences for our high-quality customers. Our focus is on getting all the elements at MGM Cotai fully open and continue to take market share. We believe MGM Cotai will drive greater product diversification and bring more advanced and innovative forms of entertainment to Macau as it grows as a global tourism destination.”