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MGM China Reports 2019 Annual Results

George Miller

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MGM China Reports 2020 First Quarter Financial Data
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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

Philippines Continues Chasing POGOs Despite Reports of Closures

Niji Narayan

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Philippines Continues Chasing POGOs Despite Reports of Closures
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The Philippine government has said that it will not be easing up on its pursuit of outstanding taxes from Philippine Offshore Gaming Operators (POGOs) despite revelations that some of them had shut down and left the country.

As per reports, two licensed POGO operators and several service providers have closed operations due to stringent tax rules imposed by the Bureau of Internal Revenue and statements from gaming regulator PAGCOR that no POGO would be allowed to resume post-COVID until all liabilities were paid.

PAGCOR Chairman and CEO Andrea Domingo named Suncity Group and Don Tencess Asian Solutions as the two POGOs to have left, although Suncity denied this was the case when contacted by Inside Asian Gaming.

“Suncity Group spares no effort to develop itself as a global integrated VIP entertainment conglomerate. The junket business in Manila is definitely important to us and we can’t find any reason to leave Manila at this particular moment,” the company said.

“In regards to the comment provided by Mdm Andrea Domingo, we think she is referring to telebetting services, which has nothing to do with the junket business that Suncity Group operates in Manila. We will continue to develop our VIP entertainment business in licensed gaming operators in Manila, and provide seamless VIP services to our guests,” Suncity said.

Nevertheless, the authorities insisted that they will continue to crack down on POGOs.

“I think Secretary Dominguez will not budge from the position that they need to pay all their taxes, including the franchise tax,” said Presidential Spokesperson Harry Roque, referencing Finance Secretary Carlos Dominguez III.

“Now, although the President has said we need all the resources, all the revenues that we can derive from all, including POGO operations to fund Covid-19 response of the government, I think the bottom line is they have to settle their tax obligations,” Harry Roque said.

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Asia

Booongo expands in Asia with Flow Gaming partnership

George Miller

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Booongo expands in Asia with Flow Gaming partnership
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Company’s slots portfolio made available through platform provider

Slots developer Booongo has strengthened its position in Asia after securing a new partnership with platform provider Flow Gaming.

As part of a content distribution agreement, Booongo will integrate its fast-expanding games portfolio onto Flow Gaming’s platform.

The deal significantly enhances the platform provider’s content offering, with the developer’s top performing games including Tiger Pearls, Great Panda and Aztec Sun all being made available to Flow’s extensive operator network and their players.

Booongo’s games are enjoyed by players across Asia and this latest launch further extends the company’s presence within the territory.

Sebastian Damian, Commercial Director at Booongo, said: “We’re well aware of Flow Gaming’s popularity in the Asian market and signing this deal is an exciting move for Booongo.

“Integrating our games onto the Flow Gaming platform ensures that we take our market presence in Asia to the next level.”

Peter van Tuyl, COO at Flow Gaming, said: “We know the importance of nurturing strategic relationships to enhance our platform offering, which is why we’ve partnered with Booongo.

“Booongo’s games are of a high quality and are appreciated by players across the globe. We’re looking forward to offering the developer’s content to our operator partners over the coming months.”

 

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Asia

Nova Esports Partners with GodLike Esports

Niji Narayan

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Nova Esports Partners with GodLike Esports
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Hong Kong-based Nova Esports has partnered with Indian esports organisation Godlike Esports. The new team will be known as Nova GodLike. Through the deal, Nova GodLike will compete in Tencent’s PUBG Mobile with an Indian roster.

Anthony “AY” Yeung, CEO of Nova Esports, spoke on the reasoning behind the deal in an announcement: “PUBG Mobile is currently trending in the gaming section of India. It has surpassed other games in terms of popularity and revenue and made a place for itself in Indian pop culture. Even people who have not played the game would have seen and heard about it through various social media memes and posts.”

Nova Esports has several goals it hopes to achieve through its new Nova GodLike brand, namely succeeding in global PUBG Mobile competitions, turning its players into public figures, attracting other organisations to the Indian esports market, and creating “high quality content for the community.”

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