MGM China issues 2018 third quarter financial data

During the period, MGM China recorded total revenue of approximately HK$4.8 billion (USD 612,000), an increase of 38% year-on-year. Adjusted EBITDA was approximately HK$1.1 billion, compared with HK$1.0 billion a year ago.

Main floor table games drop was up 46% to approximately HK$14.8 billion while table games win increased 43% to approximately HK$2.7 billion from a year ago. Slot handle increased 96% to approximately HK$15.2 billion while slot win was up 54% to approximately HK$555.9 million.
VIP table games turnover was up 15% against last year to approximately HK$73.9 billion, and win rose 11% to approximately HK$2.4 billion.

MGM MACAU recorded sequentially growth across all gaming segments. Main floor table games win was up 3%, slot win increased by 2% and VIP table games win grew by 33% from the previous quarter. Occupancy rate of hotel rooms reached 96.3%.

MGM COTAI continued to ramp since the property opened in February. All gaming segments recorded sequential growth in volume albeit all at lower hold. During the Period, junket operation at MGM COTAI has officially commenced with two VIP rooms opened in September. The rooms were well received and we look forward to further expanding our presence in this segment.

For the Period, MGM COTAI recorded an adjusted property EBITDA of approximately HK$130 million. Hotel room occupancy grew to 90.1%.

We are focusing on further ramping up on Cotai. President's Club, an exclusive premium mass gaming area, is expected to launch later this year. We are also very excited about the launch of Mansion villas in early 2019 which aims to provide one-of-the-kind offerings for our high-quality customers.

Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: "Earlier this month we celebrated the launch of Hong Kong-Zhuhai-Macau Bridge. The infrastructure projects will allow people to move more freely, easily and quickly in the region. We believe the connectivity together with the integration of Greater Bay Area are significant for Macau to develop as a global tourism city.

"At MGM, we are excited to see a substantial growth of customer database since we opened the second integrated resort in Macau. We look forward to maximize the opportunities to drive profitability and efficiency. We will continue to focus on investing in our properties, and offering unique MGM experiences for our customers."