Gaming operator MGM China closed 2022 with a negative adjusted EBITDA (earnings before interest, depreciation and amortization) of around HK$1.3 billion (€154 million).
By comparison, in 2021, the utility had posted an adjusted EBITDA of approximately HK$187 million (EUR 22 million).
Last year, the group had net revenues of 5.3 billion Hong Kong dollars (629 million euros) against 9.4 billion (1.1 billion euros) in 2021.
In 2022, the occupancy rate was 34% compared to 57% in 2021, indicated MGM China, with two ‘resorts’ integrated into the territory.
In January, gaming revenues in Macau reached 11.58 billion patacas (1.32 billion euros), the highest figure since the beginning of the covid-19 pandemic, according to the latest data announced by the authorities. .
Concessionaires in Macau have accumulated, since 2020, unprecedented losses due to strict measures to prevent and contain covid-19, which led to a sharp drop in the number of visitors.
In December, the government of the Chinese special administrative region announced the cancellation of most health measures, after China changed the ‘zero covid’ strategy.
The gaming industry, the engine of the city’s economy, accounts for 55.5% of Macao’s gross domestic product (GDP) and employs more than 80,000 people, or around 17% of the employed population.
In 2019, the territory received almost 40 million visitors and the revenues of Macau’s casinos were 292.4 billion patacas (about 31.9 billion euros).
The gaming capital of the world, Macau is the only place in China where casino gambling is legal. Six concessionaires operate in the territory, MGM, Galaxy, Venetian, Melco, Wynn and SJM, which renewed, on December 16th, the concession contract for the next ten years and which entered into force on January 1st.
The authorities demanded in the public tender the bet on non-gambling elements and foreign visitors, in the hope of diversifying the territory’s economy.
