CEO AND EXECUTIVE DIRECTOR
MGM China Holdings Ltd
POWER SCORE: 1,778
POSITION LAST YEAR: 12
CLAIMS TO FAME
• Most senior Macau-based Westerner in the industry
• Oversaw opening of Wynn Macau in 2006 and MGM Cotai in 2018
IT’S been a slow burn for MGM China in recent years, but for all the headaches that came with making its flagship IR, MGM Cotai, a reality it seems like the US$3.4 billion investment is finally starting to pay off.
The company’s 2Q19 figures saw net revenues increase 26% year-on-year to US$706.1 million, of which US$315.9 million came from MGM Cotai – up from US$184.7 million 12 months earlier.
The property’s ramp has been further fueled by the addition of 50 new-to-market gaming tables at the start of the year which helped push mass volume up 5% to US$2.04 billion. The company indicated that 80% of its profit for the period was accrued from mass gaming, in part due to the slower than hoped completion of some VIP facilities at MGM Cotai.
Nonetheless, the long-awaited launch of MGM’s The Mansion – a secluded VIP enclave featuring 27 ultra-luxury villas ranging in size from 215 to 570 square meters – in March helped the company inch ever upwards in the highly competitive Macau landscape with market share now pushing above 9%, up from 7% 12 months earlier.
MGM China’s Adjusted Property EBITDA in 2Q19 grew 43% to US$171 million with an Adjusted Property EBITDA margin of 24.2% compared with 21.4% in 2Q18. All of which is no doubt helping the company’s veteran CEO and Executive Director, Grant Bowie, sleep a little easier at night.
Long considered the highest-ranking Westerner in Macau’s casino industry, Bowie’s decade-long tenure at MGM China follows a previous five year stint as President of Wynn Macau where he oversaw the September 2006 opening of Wynn Macau.
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