Macau gaming resort operator MGM China Holdings Limited announced today that its total revenue fell from HK$1.1 billion in the second quarter to HK$687 million in the third quarter, a decrease of around 37 percent.
According to a statement released on the website of the Hong Kong Stock Exchange, the company recorded negative adjusted Ebitda of HK$536 million in the third quarter, compared to HK$382 million in the previous quarter.
MGM China said that among Macau's six rival gaming operators it had a market share of 13.2 percent in the third quarter.
The company also said that its gross gaming revenue (GGR) in the third quarter was 11 percent of 2019-fourth-quarter pre-pandemic levels, compared to 8 percent market levels.
Macau confirmed its first COVID-19 case in January 2020.
"Our team focuses on positioning our properties to capture opportunities in premium mass business and preparing for return of demand in the longer term while controlling cost," the statement said.
The statement quoted MGM China President and Strategic & Chief Financial Officer Kenneth Feng Xiaofeng as saying, "We aim to support the Macau government in achieving its [economic] diversification goals... and we look forward to participating in the future development of Macau."
MGM China, which owns two of Macau's 37 casinos, is among the seven gaming operators bidding for the government's up to six gaming concessions for up to 10 years. The new concessions are slated to get off the ground in January 2023.
