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MGM China Reports 2019 Annual Results

George Miller

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MGM China Reports 2019 Annual Results
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Group Revenue Grew 19% Year-on-Year Adjusted EBITDA Up 28%

 MGM China Holdings Limited (“MGM China” or the “Company”; SEHK Stock Code: 2282) announced the selected unaudited financial data of the Company and its subsidiaries (the “Group”) for the three months and 12 months ended December 31, 2019 (the “Year”).

  • During the Year, MGM China saw revenue up by 19% to approximately HK$22.8 billion. Adjusted EBITDA grew by 28% year-on-year to approximately HK$6.2billion.
  • Adjusted EBITDA margin improved by 197 basis points to approximately 27.2% from approximately 25.2% a year ago.
  • MGM China recorded a growth of approximately 37% year-on-year for mass table win, 1% growth for slot win; and flat year-on-year performance growth for VIP table game win.
  • Overall occupancy reached 93.1% (2018: 92.6%).
  • Full year market share rose to 9.5%, up from 7.9% in 2018, the highest in five years.
  • MGM China sees approximately 86% of profit from non-VIP businesses last year.
  • MGM COTAI continues to ramp since the property opened in February 2018. It recorded growth across all business segments. Adjusted EBITDA was up 177% to HK$2.4 billion. Main floor table games win was up 77% year-on-year to approximately HK$6.9 billion. Slot win was up 41% to HK$1.0 billion. VIP table games win was up 220% to approximately HK$4.0 billion.
  • Meanwhile MGM MACAU remains resilient and generated solid profit on the Peninsula, where accounted for about one-third of overall Macau gross gaming revenue in 2019. Adjusted EBITDA was down 4% to HK$3.8 billion last year with a margin of 30.9%. The property has completed a seven-month renovation on the casino floor in October. We have seen encouraging initial results on mass performance and look forwards to further optimization on gaming floor.
  • Premium focus remains the key strategy for MGM as we continue to focus on growth and profitability. We have opened all the villas of Mansions last year as part of our unique high-end offerings to boost player retention and new player acquisition.

MGM hotels are now closed, followed the Macau government decision on February 5 to temporarily suspend operations of all casinos in the city to prevent the spread locally of the coronavirus infection.

Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: “We are grateful for the decisive actions and leadership of the Macau government it takes to contain the coronavirus. MGM places high importance on the health and safety of our team members, guests and all Macau citizens, and fighting against the epidemic is its current topmost priority. We will continue to work with government and our MGM team as we are preparing for the recovery.”

 

About MGM China Holdings Limited:

MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles our presence in Macau.

MGM China is majority owned by MGM Resorts International one of the world’s leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. For more information about MGM Resorts International, visit the Company’s website at www.mgmresorts.com.

SOURCE MGM China

Asia

Overwatch Postpones Seoul Matches Due to Corona Virus Outbreak

Niji Narayan

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Overwatch Postpones Seoul Matches Due to Corona Virus Outbreak
Photo Source: chiangraitimes.com
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The Overwatch League has postponed its scheduled matches in Seoul amid reports that Asia’s virus outbreak is spreading in South Korea.

The league previously postponed matches scheduled for three cities in China this month and rescheduled them for March in Seoul due to the COVID-19 illness. Those matches, along with previously scheduled home dates for the Seoul Dynasty, have now been postponed.

“In order to protect the health and safety of our players, fans, & staff, we are canceling plans to host OWL 2020 matches in South Korea in Weeks 5, 6, and 7, including the Seoul Dynasty home event. We’ll share more info about when and where matches will take place at a later,” Overwatch League said in a statement.

This is the first year for OWL’s unprecedented global schedule including host matches for its 20 city-based franchises in Asia, North America and Europe.

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Asia

China Vows to Work with Philippines to Combat Online Gaming Crimes

Niji Narayan

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China Vows to Work with Philippines to Combat Online Gaming Crimes
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China has vowed to work closely with the Philippines to combat cyber-criminal activities arising from Philippine Offshore Gaming Operations (POGOs), according to a statement issued by the Chinese Embassy in Manila.

“The Chinese side would like to continue to work closely with the Philippines to combat such crimes as telecommunications fraud, illegal online gambling, money-laundering, illegal employment, kidnapping, extortion, torture, murder and the like so as to effectively protect the legitimate rights and interests of nationals of the two countries, and to promote the China-Philippines friendship and cooperation,” said the statement.

The embassy released the statement after local media reported that the Ministry of Public Security of China has cancelled the passports of thousands of Chinese nationals working for the Philippine Offshore Gaming Operations (POGOs).

In order to crack down on cross-border telecom fraud crimes, the embassy said China’s Ministry of Public Security has obtained a list of Chinese nationals suspected of committing long-term telecom fraud crimes abroad, who are classified as the persons prohibited from exiting China according to the Exit and Entry Administration Law of China.

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Asia

TVBET will showcase its streaming solutions to the Indian market at SPiCE

George Miller

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TVBET will showcase its streaming solutions to the Indian market at SPiCE
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The leading B2B provider TVBET is going to present its suite of versatile live-games at SPiCE India next month. In addition to presenting the existing product line as well as recently released 1Bet, Lucky6, and BackgammonBet, the company will share its experience of new market expansion with the industry representatives.

Thanks to the growing portfolio of widely beloved games, TVBET made remarkable progress in 2019, by starting cooperation with more than 100 casinos and betting operators. Currently, it pursues the goal of global market expansion. This time in Goa, the company experts will be glad to meet igaming experts both local and international to describe what benefits can be achieved through the live-games integration.

Peter Korpusenko, CEO TVBET: “According to our strategy, we see India as a promising igaming market for further growth and can’t ignore the increasing interest in top-notch games from players. Plus, we are actively entering the Middle East region in parallel, which is why we do know what formats for web, mobile, and land-based will bring success to both parties. At SPiCE, we’d like to reveal the full potential of TVBET games, that proved to be excellent”.

In total, the full TVBET’s integration consists of 11 well-known card and lottery games, already helping companies to increase their GGR. All the products are led by the charming presenters and broadcasted online in 4K format.

The SPiCE India conference will be held in Goa, March 25-27, and the company will be presented at stand 1006 during the whole conference.

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