MGM China ends 2022 with loss of over USD 666.5M
Thursday 30 de March 2023 / 12:00
2 minutos de lectura
(Macau).- MGM China recorded a year-on-year increase of 36 per cent in its annual loss attributable to owners last year, with the loss standing at about HKD5.232 billion (MOP5.4 billion/ US$666.5 million) groupwide, according to its audited annual results released Wednesday.
The gaming company’s operating revenue was HKD5.269 billion for 2022, 44 per cent lower than it was a year earlier, and 76.9 per cent lower than the pre-pandemic levels.
The fall was primarily due to the “continued adverse impacts of Covid-19”, which led to travel restrictions, as well as “a cessation of VIP operations” in partnership with revenue-sharing gaming promoters, the group noted in a filing to Hong Kong’s stock exchange.
Gross casino revenue decreased by 88.8 per cent year-on-year to HKD5.578 billion in 2022, while gross gaming revenue from the mass market and VIP guests were down 90 per cent and 10 per cent respectively.
Driven by the premium mass market which both MGM Macau and MGM Cotai are “well positioned to capture”, the group’s overall gaming market share increased to 13.7 per cent for the year ending December 31, 2022.
As at December 31, 2022, the group’s cash and cash equivalents, available undrawn unsecured credit facilities, and revolving credit facility stood at HKD6.71 billion, HKD1.37 billion and HKD5.85 billion respectively.
MGM China said that the group remained optimistic about the long-term growth of the Macau market, due to several reasons including investment committed to non-gaming offerings, infrastructure improvements in Macau and the Greater Bay area, continued growth in outbound tourism from mainland China, as well as strong efforts to promote Macau by both local and mainland Chinese authorities.
MGM China also added that the gradual easing of travel restrictions in December 2022 had seen a “significant increase in visitation”.
Macau’s gross gaming revenue for January this year increased by 232.6 per cent to HKD11.2 billion compared to the previous month.
By Therese Tu
Categoría:Casino
Tags: MGM Resorts,
País: China
Región: Asia
Event
Peru Gaming Show 2025
18 de June 2025
America Simulcast Drives Innovation in Horse Betting and Wins Over the Crowd at Peru Gaming Show 2025
(Lima, SoloAzar Exclusive) – Jefferson Pernudi, Product Manager at America Simulcast, stated that growing interest in the Peruvian market for international racing products and technology solutions tailored to both retail and digital sectors motivated the company to participate in the Peru Gaming Show. Read more in this interview.
Monday 30 Jun 2025 / 12:00
Strong return for Amatic Industries at Peru Gaming Show 2025
(Austria).-Amatic Industries has made a remarkable comeback at this year’s Peru Gaming show, which took place from 18 – 19 June. The company’s return to PGS was met with strong interest, positive feedback and promising new business opportunities.
Thursday 26 Jun 2025 / 12:00
Innovation, networking and opportunities: Belatra Games reviews its successful participation at Peru Gaming Show 2025
(Cyprus).- Belatra Games is satisfied with its participation PGS 2025. They achieved new connections, upgraded ideas, and left the show with even stronger intentions to provide quality entertainment on the highest level.
Monday 23 Jun 2025 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.