The February launch of MGM COTAI spurred MGM China to a 32% year-on-year increase in revenue to HK$4.4 billion (US$561.3 million) for the three months to 30 June 2018.
MGM COTAI contributed HK$1.5 billion (US$184.7 million) in its first full quarter of operations, making amends for an 11.2% decrease in revenue at peninsula property MGM Macau to just under HK$3 billion (US$376.6 million).
MGM Macau was hurt by a lower win rate in VIP operations, down from 2.9% in 2Q17 to 2.3% this time around despite VIP turnover climbing 19.1% to HK$77.4 billion (US$10.3 billion).
Mass table game win rate also fell but the presence of MGM COTAI helped mass table drop jump 57.8% to HK$14.9 billion (US$1.9 billion).
Despite delaying the launch of junket operations at its new IR, MGM saw VIP turnover of HK$3.4 billion and gross VIP table games win of HK$101.2 million at MGM COTAI in 2Q18.
The company said it expects junket room operations to commence before Golden Week in October, followed by the opening of the Mansion and the President’s Club – an exclusive gaming area for premium mass customers.
“With the opening of our second integrated resort in Macau, we are excited to see a growth of our customer database and the ramping up of MGM COTAI,” said CEO and Executive Director Grant Bowie.
“We focus on investing in our properties and offering unique MGM experiences for our customers. We continue to support our government’s vision to drive global tourism demand in Macau.”
Adjusted Property EBITDA increased 1% to US$120 million compared to US$119 million in the prior year quarter.
