Macau hotel-casino resort operator MGM China reported adjusted property Ebitdar of US$25 million (200 million patacas) last year, the US-based company said in a statement in Las Vegas on Wednesday.
Earnings before interest, taxes, depreciation, amortisation, and restructuring or rent costs (Ebitdar) is an accounting tool to measure a company's financial performance.
According to the statement, MGM China' net revenues rose by 84 percent year-on-year to US$1.2 billion last year, but decreased by 58 percent compared to pre-pandemic 2019.
Macau's gaming industry has been impacted by the COVID-19 pandemic since January 2020. Macau confirmed its first novel coronavirus case on January 22, 2020. Its COVID-19 tally has remained at 79 for weeks. No COVID-19 deaths have been reported in Macau. Foreign nationals - who accounted for just around 10 percent of Macau's visitor arrivals before COVID-19 - without the right of abode here have been barred from entering Macau since March 2020.
Compatriots from the Chinese mainland, Hong Kong and Taiwan have been allowed to enter Macau despite COVID-19 but have been subject to a frequently readjusted range of strict novel coronavirus prevention and control measures over the past two years.
In the fourth quarter of 2021, MGM China' net revenues rose by 3 percent year-on-year to US$315 million, but decreased by 57 percent compared to the fourth quarter of 2019.
MGM Resorts International pointed out in its statement that "the current and prior year quarters were negatively affected by travel and entry restrictions in Macau due to the COVID-19 pandemic."
MGM Resorts International operates two casino-hotel resorts in Macau - MGM MACAU and MGM COTAI. MGM China is listed on the Hong Kong Stock Exchange.
The US gaming operator's casino operations in Macau are formally registered under the name of MGM Grand Paradise, according to the website of the Macau Gaming Inspection and Coordination Bureau (DICJ). It is one of Macau's six rival gaming operators that own a total of 42 casinos.
Macau's legislature is currently reviewing a government-drafted gaming industry amendment bill that proposes to further strengthen the government's supervision of the sector. The bill is widely expected to be passed by lawmakers within the next few weeks.
