MGM China’s GGR in the first half declined by 77%, yet the Group maintained a healthy financial position
MGM China recorded total revenue of approximately HK$2.4 billion during the first half of the year, the Group saw a negative adjusted EBITDA of approximately HK$1 billion, according to an announcement revealed by MGM China earlier today.
The company reported its selected unaudited financial data of the Company and its subsidiaries (the “Group”) for the second quarter and the first half of 2020.
It said that the results were severely impacted by the COVID-19 pandemic and “we continue to be impacted today”.
“China has implemented temporary suspension of tour groups and Individual Visit Scheme in late January, followed by a 15-day shutdown of all casinos in February by the Macau Government…Therefore the Macau market continues to experience low visitation levels primarily driven by various travel restrictions and quarantine measures in mainland China and Hong Kong… and visitation of Macau was down over 80% as well.”
For the Period, MGM MACAU recorded revenue of approximately HK$1.3 billion and negative adjusted EBITDA of approximately HK$356.9 million. MGM COTAI recorded revenue of approximately HK$1.1 billion and negative adjusted EBITDA of approximately HK$651.5 million.
Yet, it noted that, the Group maintained a healthy financial position. As of June 30, 2020, the Group had total liquidity of approximately HK$11.4 billion, comprised of cash and cash equivalent and undrawn revolver.
Hubert Wang, President & Chief Operating Officer of MGM China said: “We are encouraged to see the lifting of quarantine measures for visitors from Macau into Guangdong Province, as an important first step of business normalization.
“While we focus to contain our costs, we are rolling out programs to drive traffic and prepare for gradual recovery. The trend-setting holistic non-gaming offerings at both MGM MACAU and MGM COTAI have been well received. We are confident about the prospects of Macau gaming and hospitality market in a longer term.”
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