MGM China reports 2018 annual results

"We are building the momentum at MGM Cotai. We are also very excited about the launch of Mansion villas which aim to provide unique and exclusive experiences for our high-quality customers. Our focus is on getting all the elements at MGM Cotai fully open and continue to take market share. We believe MGM COTAI will drive greater product diversification and bring more advanced and innovative forms of entertainment to Macau as it grows as a global tourism destination," said Grant Bowie, Chief Executive Officer and Executive Director of MGM China.

The highlights of the company's report are as follows:

• During the Year, MGM China recorded revenue of HK$19.2 billion (2017: HK$14.5 billion), a growth of approximately 33% year on year. Adjusted EBITDA reached HK$4.8 billion, compared to HK$4.6 billion a year ago.
  
  
• MGM China recorded a growth of approximately 34% year-on-year for mass table win, 59% growth for slot win; and 13% growth for VIP table game win.
  
  
• For the Quarter, MGM China recorded sequential revenue growth of approximately 13% to HK$5.4 billion. Adjusted EBITDA grew by approximately 26% to HK$1.4 billion from the previous quarter.
  
  
• Main floor gross table game win for the Quarter was up 13% sequentially, compared to market growth of approximately 9%. VIP gross table games win was up 19%, compared to market growth of approximately 4%.
  
  
• Adjusted EBITDA margin for the Quarter improved to 26.3%, up by 280 basis points sequentially.
  
  
• MGM Cotai continued to ramp since the property opened in February 2018. All gaming segments recorded impressive sequential growth in both volume and win. Fourth-quarter revenue was up approximately 67% to HK$2.2 billion while adjusted EBITDA grew more than triple to HK$462.9 million. Margin rose to 20.6% for the quarter compared to 9.6% in the previous quarter.
  
  
• Targeting a broader market segment, MGM Cotai is equipped with expanded non-gaming offerings. The food and beverage outlets, especially Chinese dining, have been well received. Customers are also impressed by the one-of-the-kind experiences brought by MGM Cotai Theater. The Space had hosted various kinds of events and concerts with top artists including Sam Smith where both the audience and artists are fond of its design and quality. We have filled up the Theater's entertainment calendar for 2019 in collaboration of effort with both the MGM Resorts International entertainment team and our Macau team. We hope to deliver multisensory theatre experiences unlike any others in Macau.