MGM China Holdings Limited’s revenue in the first quarter fell 8.9 percent year on year to HK$2.09 billion, the US gaming resort operator announced in a statement to the Hong Kong Stock Exchange yesterday.
Total adjusted EBITDA dropped 45.7 percent year on year to HK$45.7 million.
According to the statement, MGM China’s market share in Macau grew to 13.3 percent in the first three months, compared with 11.5 percent a year ago.
MGM China underlined its “healthy financial position”. As of March 31, it had total liquidity of about HK$12 billion, comprising cash, cash equivalents and undrawn revolver.
The statement quoted MGM China Strategic and Chief Financial Officer Kenneth Feng Xiaofeng as saying: “We strive for ongoing improvements over our gaming floors, product offering and services. We believe that once demand returns, we are well-positioned for growth, particularly in our premium mass and mass segments.”
The company owns two casinos, MGM MACAU in Nape and MGM COTAI.
