Asian casino operator MGM China Holdings Limited has released its unaudited fourth-quarter financial results showing that the firm took in $1 million more net revenues than for the same period in 2015 at $499.7 million.

Hong Kong-listed MGM China Holdings Limited operates the 600-room MGM Macau property in Macau’s traditional downtown district and has plans to inaugurate its nearby $3.3 billion MGM Cotai hotel and casino during the second half of 2017.

MGM China Holdings Limited, which is a subsidiary of Las Vegas-based MGM Resorts International, revealed that its fourth-quarter main floor table games revenues had decreased by 2% year-on-year while an increase in hold percentage to 3.7% partially offset by a 16% decline in turnover saw its VIP table games takings rise by 7%.

The firm stated that its operating income for the final three months of 2016 came in at just over $72 million, which compared with a deficit of $1.4 billion for the same period in 2015, while its fourth-quarter earnings before interest, tax, depreciation and amortization rose by 5% year-on-year to $138 million.

For the full year, MGM China Holdings Limited saw its net revenues decline a little over 13% year-on-year to $1.92 billion while casino takings diminished by 15.3% to $1.88 billion. In addition, its annual VIP table games takings fell by 25.4% to $1.1 billion although its main floor table games takings improved by 1.7% to $990.6 million.

MGM China Holdings Limited reported that its twelve-month operating income was down by 2.5% year-on-year to $391 million with adjusted earnings before interest, tax, depreciation and amortization of $588.7 million representing a 3.7% reduction to leave the company with an annual profit that was 2.4% lower at $391.2 million.

“The group continues to respond to the current market conditions by focusing on profitability, actively managing the gaming floor and room yields and lowering the operating cost base,” read a statement from MGM China Holdings Limited. “We are selectively allocating capital expenditure to enhance and refine MGM Macau and progress the development of our new MGM Cotai property.”

MGM China Holdings Limited further explained that progress on its coming MGM Cotai property “continued at a good pace” following the completion of “the majority of all building enclosure works for the tower and the podium”.

“Principal efforts across both the podium and the hotel towers continue to be the testing and commissioning of the building systems in parallel with fit-out activities related to finish material and architectural interiors installations,” read the statement from MGM China Holdings Limited. “As we announced in January that we are strategically pushing back the opening of MGM Cotai to the second half of this year, we are currently working with both our contractor and the Macau government to finalize the appropriate timeline and the necessary process to open later this year. We are taking the time necessary to construct a building that is intricate and complex in its design to leave good first impressions to our customers.”

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