MGM China Records Quarterly EBITDA And Market Share

Macao casino operator MGM China Holdings Ltd said its first-quarter adjusted net income before interest, taxes, depreciation and amortisation was slightly above HK$2.55 billion ($319.6 million), a "record" quarterly performance. The figure is up 77.3% from the same quarter last year and accounts for about 155% of the first quarter of 2019, it said in a filing with the Hong Kong Stock Exchange on Thursday.

On a quarter-over-quarter basis, the company's EBITDA grew by 13.6%.

Adjusted EBITDA margin from January to March was 30.3%, the "highest" post-COVID quarterly margin, MGM China said.

The company attributed the results to the group's "continuous improvements in volume-driven business and operational efficiency."

Net sales in the first quarter rose 70.6% year-on-year to HK$8.26 billion. Revenue rose 7.6% quarter-on-quarter, reaching 143% in the first quarter of 2019, the pre-pandemic trading year, the company said.

In a note on Thursday, Jeffrey Hong Kong analyst Andrew Lee said MGM China had "re-reported" results "higher than consensus estimates." 홀짝게임

"[MGM China] management reiterated its optimistic outlook, especially with the GGR at just 80% of pre-pandemic levels in April and China's recent drive to visit through visa reforms," the analyst wrote.

MGM China operates the resort MGM Macau (pictured) located on the Macau Peninsula and MGM Kotai located in the city's Kotai district.

The casino company said Macau's total gaming revenue (GGR) market share was "more elevated" in the three months to March 31, compared with 15.2% a year earlier and 9.5% in 2019.

MGM Kotai had a 10.1% market share and MGM Macau had a 6.9% market share during the reporting period, the company said.