HKEX | 2282
MGM China's total revenues increased by 33% thanks to the opening of MGM Cotai
MGM China (2282) announced the fourth quarter (3 months) and end of year (12 months ended December 31) results. MGM China recorded a total revenue of HK$5.376 billion, up by 33% year on year. The total revenue of the year was increased by 32.59% to HK$19.2 billion. Revenue growth can be mainly attritbuted to the opening of MGM Cotai in February 2018. In the fourth quarter and the full year, the revenue of MGM Macau fell by 22.4% and 6.8%; to HK$ 3.127 billion and HK$13.48 billion respectively.
Adjusted EBITDA rose by 9.11% to $1.412 billion in the fourth quarter and by 5.4% to $4.837 billion for the full year. In the fourth quarter, due to the opening of MGM Cotai, the main floor games win increased by 31% year-on-year; VIP table games win increased by 18% year-on-year. Operating margin was 9% and the adjusted property EBITDA margin decreased from 29.1% to 24.3% primarily thanks to the ramp-up of operations at MGM Cotai.