Casino

MGM China losses increase in Q1

Tuesday 03 de May 2022 / 07:53

⏱ 1 min read

(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