Macau-based US gaming operator MGM China said yesterday that it recorded negative adjusted EBITDA of about HK$337 million in the first half of the year, compared to adjusted EBITDA of around HK$200 million previously.
The company revealed the figure in a statement to the Hong Kong Stock Exchange.
According to the statement, MGM China recorded total revenue of around HK$3.2 billion in the first six months of the year, compared to HK$4.7 billion in the same period a year ago.
The statement put the company’s market share among Macau’s six gaming operators at 13.6 percent, up from 11.4 percent a year ago. Gross gaming revenue (GGR) in the second quarter stood at 18 percent of the pre-pandemic levels in the fourth quarter of 2019, compared to 12 percent market levels, the company said.
MGM China said it intended to bid for one of Macau’s up to six gaming concessions later this year.
The statement quoted President and Strategic & Chief Financial Officer Kenneth Feng Xiaofeng as saying that the company was “ready and will actively participate” in the upcoming public tender.
Macau’s three gaming concessions and three sub-concessions expire at the end of the year. MGM holds a sub-concession. According to Macau’s amended gaming law, sub-concessions will no longer we allowed. However, the current sub-concessionaires may bid in the government’s upcoming tender.
