MGM China has reported a 9% year-on-year increase in net revenues to US$296 million in 1Q21, although the results represented a slight 3% decrease from revenues of US$304 million in the final quarter of 2020 according to parent MGM Resorts.
Reporting its 1Q financial results early Thursday morning (Asia time), MGM Resorts said that its Macau subsidiary had recorded Adjusted Property EBITDA of US$5 million for the quarter, improved from an EBITDA loss of US$22 million in 1Q20 but down from US$47 million in 4Q20.
Reflecting recent strides made in Macau’s mass and premium mass segments, MGM China saw a 23% year-on-year increase in main floor table games win to US$230 million, but a 28% decline in VIP table games win to US$78 million. The company noted that its mass market hold was lower than during the same period last year.
MGM China operates two Macau resorts – MGM Macau and MGM Cotai – with both closed for 15 days in February 2020 as the government ordered the suspension of all gaming operations to halt the initial spread of the COVID-19 pandemic.
Bill Hornbuckle, CEO and President of MGM Resorts, said MGM China “continued to outperform the broader Macau market’s gradual pace of recovery” at 40% of pre-pandemic levels versus 33% for the market as a whole.
He also praised the group’s wider performance, which saw a 27% year-on-year decline in net revenues to US$1.6 billion but slight improvement from US$1.5 billion in 4Q20.
Net loss of US$332 million was down from income of US$807 million in 1Q20 but improved from a loss of US$448 million in the final three months of 2020.
“We are pleased with the meaningful progress we’ve made on multiple fronts this quarter,” said Hornbuckle, “Consumer demand strengthened at our domestic properties, and the significant changes we’ve made to our operating model have positioned us to capitalize on the recovery.
“Las Vegas operating results improved sequentially, leisure demand is improving, and we now have a tangible path to bring conventions and entertainment back at scale.”