By Kate O’Keeffe
DOW JONES NEWSWIRES
HONG KONG (Dow Jones)–MGM China Holdings Ltd. (2282.HK), which is 51% owned by MGM Resorts International (MGM), on Friday said its net profit in the first half of the year nearly quintupled amid soaring gambling revenue growth in Macau.
The casino operator’s net profit totaled HK$1.91 billion (US$245 million) for the six months ended June 30, leaping from HK$397.3 million a year earlier, the company said in a statement. Operating revenue for the period rose 95% to HK$9.86 billion from HK$5.06 billion a year earlier, MGM China added. The company didn’t recommend a dividend.
MGM China, a casino joint venture between MGM Resorts and tycoon Stanley Ho’s daughter Pansy Ho, started trading in Hong Kong in June following an initial public offering that raised $1.6 billion and priced at the top of its indicative range, reflecting investor optimism about the booming gambling industry in Macau, the only place in China where casino gambling is legal. Gambling revenue in the territory rose 45% year-over-year in the first half of 2011.
MGM Resorts last week reported second-quarter earnings which included financial information on MGM China.
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