MGM China saw its 3Q19 net revenue climb 22% to HK$5.78 billion (US$738 million), boosted by the ramp of MGM Cotai and strong growth in the mass market segment.
Revenue from MGM Cotai drew just about level with peninsula property MGM Macau at HK$2.85 billion – up 111.4% year-on-year – while Adjusted EBITDA soared from HK$129.9 million in 3Q18 to HK$692.9 million. Group-wide Adjusted EBITDA increased 38.7% to HK$1.55 billion.
MGM Cotai enjoyed a major surge in VIP roll and win in 3Q19 due to the opening of the property’s VIP gaming areas towards the end of the period 12 months ago, with rolling chip up from HK$8.1 billion to HK$28.35 billion and win from HK$65.2 million to HK$1.19 billion.
Main floor table drop at MGM Cotai increased 32.4% to HK$7.37 billion with win of HK$1.94 billion while slot machine handle also enjoyed strong growth with win of HK$8.47 billion.
Meanwhile, MGM Macau saw its net revenue for the period decline 14.0% to HK$2.93 billion due to a significant decline in VIP. MGM Macau’s rolling chip volume fell 40.2% to HK$39.33 billion, with win of HK$1.30 billion, while mass market table drop increased very slightly to HK$9.20 billion. A strong win rate pushed mass market win at MGM Macau up 22.5% to HK$1.98 billion.
In its results release, MGM China said its group-wide main floor table games win increased 47% for the period due primarily to the addition of 25 new-to-market tables at MGM Cotai on 1 January 2019 and a 559-basis point increase in win percentage.