MGM China Reports 2019 Interim Results

MGM COTAI Continues Its Ramp MGM China Adjusted EBITDA Grew 33% Year-on-Year

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Jul 25, 2019, 18:14 ET

HONG KONG, July 25, 2019 /PRNewswire/ -- MGM China Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the "Group") for the three months and six months ended June 30, 2019.

During the six-month period, MGM China saw adjusted EBITDA up 33% year-on-year to approximately HK$3.1 billion. Total revenue grew by 25% year-on-year to approximately HK$11.3 billion. Adjusted EBITDA margin improved to 27.2% from 25.4% a year ago. Overall occupancy reached 93.3% (2018: 91.9%).
While the second-quarter Macau gross gaming revenue (GGR) remained flat as last year, MGM China saw its GGR up by 26% year-on-year. MGM China gained market share to approximately 9.2% in the second quarter from 7.3% a year ago.
During the six-month period, main floor table games win for the Group increased 36% year-on-year to approximately HK$7.1 billion with win percentage of 22.4% (2018: 18.2%). Slot win was up 2% to approximately HK$1.1 billion with 3.1% hold (2018: 4.2%). VIP table games win was up 11% to approximately HK$4.9 billion with 3.0% win percentage (2018: 2.8%).
MGM COTAI continues to ramp up since the property opened in February 2018. For the six-month period, MGM COTAI recorded adjusted EBITDA of approximately HK$1.0 billion (2018: HK$261 million). Main floor table games win was up 97% year-on-year to approximately HK$3.1 billion. Slot win was up 54% to HK$493 million. VIP table games win was up 1216% to approximately HK$1.8 billion.
Meanwhile, MGM MACAU recorded adjusted EBITDA of approximately of HK$2.0 billion (2018: HK$2.0 billion) for the six-month period. Main floor table games win up 9% to approximately HK$4.0 billion (2018: HK$3.7 billion). Slot win was approximately HK$604 million (2018: HK$759 million). VIP table games win was approximately HK$3.1 billion (2018: HK$4.3 billion).
For the second quarter, MGM China saw adjusted EBITDA up 41% year-on-year to approximately HK$1.5 billion. Total revenue grew 26% to approximately HK$5.5 billion. Adjusted EBITDA margin reached 26.3%.

Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: "We are excited to see the ramping up of MGM COTAI. The recent opening of The Mansion offers exclusive luxury to the next level and helps us better positioned in the premium segment.

"We are also delighted and grateful to have our gaming sub-concession extended to 2022, which is a significant milestone and allows us to further commit and develop in Macau. We continue investing in our properties offering unique MGM experiences for our customers and supporting our government's vision to develop Macau as the World Center of Tourism and Leisure."

About MGM China Holdings Limited

MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles our presence in Macau.

MGM China is majority owned by MGM Resorts International (NYSE: MGM) one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.

Website: www.mgmchinaholdings.com

SOURCE MGM China