MGM China losses increase in Q1
Tuesday 03 de May 2022 / 07:53
2 minutos de lectura
(Macau).- MGM China ended the first quarter of 2022 with US$26 million in Adjusted Property EBITDAR losses after a three month period ‘significantly impacted by travel and entry restrictions in Macau’, MGM Resorts indicated in its latest financial report.
The gaming concessionaire’s net revenues also dropped by 9 per cent quarter-to-quarter to US$268 million, as casino revenue dropped to US$231 million.
Total Adjusted EBITDA from the group’s operations also dropped by 45 per cent year-on-year to some US$45.7 million, as MGM Cotai continued to expand its operating losses to US$107.5 million.
“We continue to see headwinds in the short-term with public health policies impacting the ability for customers to enter Macau. Despite this, our 13 per cent market share is higher than we have seen historically, and our properties are well-positioned to capture premium mass business as volumes begin to return,” MGM’s CEO, Bill Hornbuckle, stated in a group conference call to discuss the results.
The current quarter financial report also included US$18 million related to litigation reserves, with MGM China stating before that it might be liable for as much as HK$202.7 million (US$25.9 million) regarding cash deposits individuals respectively claim were placed with gambling junkets that had been working with the casino company.
The group has been named as a defendant in three civil cases relating to cash allegedly placed with an aggregate of two junkets that had been active at its MGM Macau property.
By Nelson Moura
Categoría:Casino
Tags: Sin tags
País: Macao
Event
iGaming Club Conference Cancun
24 de November 2025
Levon Nikoghosyan Confirms iGaming Cancun’s Success and Future LATAM Expansion
(Cancun, SoloAzar Exclusive).- The vibrant energy of iGaming Cancun has set the tone for a new chapter in the Latin American iGaming industry. Levon Nikoghosyan, CEO and Co-Founder of AffPapa and iGaming Club, shared his enthusiasm for the event’s debut in Mexico, highlighting its impact on the regional market and the company’s ambitious plans for the future.
Thursday 04 Dec 2025 / 12:00
iGaming Club Cancún 2025 Concludes Successfully with Strong Connections in Its First LatAm Edition
(Cancun, SoloAzar Exclusive).- iGaming Club Cancún 2025 came to a close last night with a comprehensive experience of conferences, networking, and the AffPapa iGaming Awards LATAM gala, consolidating itself as a unique space for operators, affiliates, and providers in the region.
Thursday 27 Nov 2025 / 12:00
iGaming Club Cancún 2025: Affiliates, Operators, and Innovation Take Center Stage on Final Day
(Cancun, SoloAzar Exclusive).- The second and final day of iGaming Club Cancún 2025 unfolds today, bringing together operators, affiliates, and select B2B providers in a unique networking and conference environment that highlights the evolving dynamics of the Latin American iGaming market.
Wednesday 26 Nov 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.