MGM China Q1 Adj. EBITDA Rises, Margin Down

(RTTNews) - MGM China Holdings Limited (M04.F, 2282.HK), an operator of gaming and lodging resorts, reported Thursday that its first-quarter adjusted EBITDA grew 4 percent year-on-year to HK$2.5 billion.

Adjusted EBITDA margin for the period was 28.0 percent, lower than 29.6 percent last year.

MGM China's net revenue grew 10 percent year-on-year to HK$8.8 billion. Daily total Gross gaming revenue or GGR increased 13 percent year-on-year, and daily mass GGR surged 19 percent.

Macau's average daily visitor arrival in the first quarter grew 14 percent year-on-year to 124,599. GGR in Macau rose 14 percent year-on-year, with daily GGR reaching a post-pandemic high.

By property, MGM COTAI revenue rose 10 percent year-on-year to HK$5.3 billion. Adjusted EBITDA rose 11 percent to HK$1.6 billion, and adjusted EBITDA margin gained 20 basis points to 30.5 percent.

MGM MACAU's revenue was up by 9 percent year-on-year to HK$3.4 billion. Adjusted EBITDA declined from last year to HK$832 million.

In Hong Kong, the shares were trading at HK$11.550, down 0.86 percent.