• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 1 July 2022
  • 中文中文
  • 日本語日本語
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

MGM China reports just US$33 million in 2Q20 revenue on “near zero” visitation

Ben Blaschke by Ben Blaschke
Fri 31 Jul 2020 at 05:36
MGM introduces financial assistance program for local SME vendors
37
SHARES
925
VIEWS
Print Friendly, PDF & Email

MGM China reported an Adjusted property EBITDAR loss of US$116 million in the three months to 30 June 2020 as revenue from its Macau IRs plummeted 95% year-on-year to just US$33.2 million.

The results, which formed part of parent company MGM Resorts’ 2Q20 results release, follow a decline in visitation to Macau to near zero during the quarter as a result of border restrictions due to COVID-19. Those restrictions have been gradually eased since 15 July.

MGM China’s revenue of just US$33.2 million (HK$257.3 million) for the quarter was down from US$715 million (HK$5.54 billion) in 2Q19 and included revenue of US$18 million (HK$139.8 million) from MGM Cotai and US$15.2 million (HK$117.5 million) from MGM Macau.

All market segments were heavily hit, with VIP table games turnover down 96% from US$10.96 billion to just US$450 million, while mass table games fell 97% from US$2.04 billion in the second quarter of 2019 to US$66 million.

MGM China cited monthly cash outflow of US$65.1 million throughout the quarter, of which US$38.8 million was run-rate operating cash outflow. The company added that it drew down US$400 million on its US$1.25 billion MGM China revolving credit facility, with outstanding debt currently sitting at US$2.5 billion.

On current liquidity of US$1.5 billion, the company said it could support over 22 months of “near zero” revenue in Macau.

Parent company MGM Resorts saw its consolidated net revenues decline 91% to US$290 million, with a net loss of US$857 million and Adjusted EBITDAR loss of US$492 million.

“The near term operating environment will remain challenging and unpredictable as COVID-19 case trends, health and safety protocols, and travel restrictions continue to heavily impact our business,” said newly appointed CEO and President of MGM Resorts, Bill Hornbuckle.

“We remain focused, flexible, and disciplined in navigating this evolving landscape while continuing to pursue our long term growth opportunities, supported by our strong liquidity position. As such, we remain excited about our integrated resort opportunity in Osaka, expanding our footprint in Macau, and positioning BetMGM as a leading player in the US sports betting and iGaming markets.”

RelatedPosts

Macau Jockey Club’s accumulated losses reach US$235 million in 2021

Macau Jockey Club’s accumulated losses reach US$235 million in 2021

Fri 1 Jul 2022 at 06:34
IAG Vice-Chairman and CEO Andrew W Scott to appear as special guest on Deep Knowledge Investing webinar discussing Macau’s new gaming law

IAG Vice-Chairman and CEO Andrew W Scott to appear as special guest on Deep Knowledge Investing webinar discussing Macau’s new gaming law

Fri 1 Jul 2022 at 04:59
Government flips on 48-hour NAT requirement for casino, construction workers after chaotic scenes across Macau

Government flips on 48-hour NAT requirement for casino, construction workers after chaotic scenes across Macau

Thu 30 Jun 2022 at 20:56
Testing stations in chaos as Macau casino employees flock to meet 48-hour NAT test rule

Testing stations in chaos as Macau casino employees flock to meet 48-hour NAT test rule

Thu 30 Jun 2022 at 13:03
Load More
Tags: Bill Hornbucklecovid-19EBITDARMacauMGM ChinaMGM CotaiMGM Macau
Share15Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial: Are Macau’s casinos running out of money?

Editorial: Are Macau’s casinos running out of money?

by Ben Blaschke
Wed 29 Jun 2022 at 21:47

Dominating discussions around Macau’s casino industry over much of the past 12 months has been the looming expiration of gaming...

Hengqin: The future of Macau

Hengqin: The future of Macau

by Wendi Song and Ben Blaschke
Wed 29 Jun 2022 at 20:54

The special economic zone of Hengqin is not only emerging as a critical infrastructure project for mainland China, it will...

Roadmap to 1 January

Roadmap to 1 January

by Andrew W Scott
Wed 29 Jun 2022 at 19:21

With Macau’s new Gaming Law passed by the Legislative Assembly on 21 June, IAG takes a look at the likely...

Branding and engagement in the metaverse

Branding and engagement in the metaverse

by Victoria White
Wed 29 Jun 2022 at 19:07

In Part 1 of this two-part series, we looked at the rising world of metaverses and NFTs. In Part 2...

Related Posts

Macau Jockey Club’s accumulated losses reach US$235 million in 2021

Macau Jockey Club’s accumulated losses reach US$235 million in 2021

by Newsdesk
Fri 1 Jul 2022 at 06:34

The Macau Jockey Club (MJC) has reported accumulated losses of MOP$1.9 billion (US$235 million) through 2021, according to information published in the Official Gazette. The figure is calculated as the total amount of losses since the company’s incorporation, with annual...

Century Entertainment’s mass table gaming business on hold as Cambodian outbreak delays new casino opening

Century Entertainment looking to launch Cambodian table gaming business in September

by Newsdesk
Fri 1 Jul 2022 at 06:10

Hong Kong-listed Century Entertainment International Holdings Ltd says it hopes to launch operations of its gaming table business at a new casino in Dara Sakor, Cambodia, by late September following a series of setbacks. Announcing its financial results for the...

The Star Gold Coast

Queensland government appoints former judge to lead Star inquiry, releases terms of reference

by Ben Blaschke
Fri 1 Jul 2022 at 05:29

The Queensland state government has appointed former judge Robert Gotterson AO to lead an inquiry into Star Entertainment’s Group’s Brisbane and Gold Coast casinos, starting this month. Gotterson will be tasked with ensuring Queensland casinos are “are operated lawfully, ethically...

IAG Vice-Chairman and CEO Andrew W Scott to appear as special guest on Deep Knowledge Investing webinar discussing Macau’s new gaming law

IAG Vice-Chairman and CEO Andrew W Scott to appear as special guest on Deep Knowledge Investing webinar discussing Macau’s new gaming law

by Newsdesk
Fri 1 Jul 2022 at 04:59

What: Deep Knowledge Investing webinar with Inside Asian Gaming’s Vice Chairman and CEO Andrew W Scott, "The future of the Macau casino gaming industry" When: Wednesday 6 July at 7pm New York time (Thursday 7 July at 7am Macau time)...


HKUST

Simple Play

IAG

© 2005-2022
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • Contributors
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Consulting
  • Magazines
  • Advertise
  • Contact
  • About
  • 中文
  • 日本語

© 2005-2022
Inside Asian Gaming.
All rights reserved.