MGM Resorts has reported a 58% year-on-year decline in net revenues to HK$2.36 billion (US$304.4 million) for its Macau subsidiary, MGM China, in the three months to 31 December 2020.
Publishing its 4Q20 results early Thursday (Macau time), MGM’s Macau properties also recorded a 78% decline in Adjusted Property EBITDA for the quarter to HK$367.2 million (US$47.4 million).
However, the results were significantly better than 3Q20 when MGM China suffered an Adjusted EBITDA loss of HK$730.6 million (US$94.2 million) on revenues of just HK$363.2 million (US$46.9 million).
MGM Macau outperformed its newer Cotai sister property, with revenues of HK$1.26 billion (US$162.5 million) and Adjusted EBITDA of HK$247.1 million (US$31.9 million). MGM Cotai reported revenues of HK$1.10 billion (US$141.9 million) and Adjusted EBITDA of HK$120.1 million (US$15.5 million).
Across both properties combined, VIP table games win fell 71% year-on-year to HK$580.4 million (US$74.9 million) while mass table games win dropped 52% to HK$1.89 billion (US$243.8 million).
Parent company MGM Resorts reported a group-wide net loss of US$448 million, down from income of US$2.0 billion in 4Q19, with consolidated net revenues declining 53% to US$1.5 billion, “driven by lower business volume and travel activity due to the pandemic, hotel and other closures at certain properties, travel restrictions to our Macau resorts, and ongoing operating restrictions.”
MGM Resorts President and CEO Bill Hornbuckle said, “We remain confident in the long-term recovery of our business. We have strengthened our operational foundation through cost efficiencies that position us for sustainable growth, as solutions to the public health crisis accelerate and restrictions continue to ease.
“I look to the future with hope and gratitude for the strength and determination of our teams and communities, and the continued loyalty of our guests. Safety and well-being remain our highest, unwavering priorities.”