MGM China reported overnight a group-wide loss of HK$5.23 billion (US$666 million) in 2022, widened from its HK$3.85 billion (US$490 million) loss in 2021 due to the ongoing impact of the COVID-19 pandemic.
Publishing its FY22 financial results, MGM China also reported an Adjusted EBITDA loss of HK$1.27 billion (US$162 million) in 2022 – reversing a HK$187.2 million (US$24 million) EBITDA gain in 2021.
Gross casino revenue for the year just about halved to HK$5.58 billion (US$711 million), including a 40.4% decline in mass table win to HK$4.47 billion (US$569 million), a 72.5% decline in VIP table win to HK$580.8 million (US$74 million) and a 42.4% decline in slot machine win to HK$525.2 million (US$67 million).
The company has not recommended payment of a final dividend for the year ended 31 December 2022.
Despite its recent woes. MGM China has been flagged by analysts as the company with most to gain in 2023 – aided by the addition of almost 200 new gaming tables to its allocation after the issue of new concessions from 1 January 2023.
With those new tables in play, investment bank Morgan Stanley said recently that MGM China will become the first of Macau’s six concessionaires to reach pre-COVID levels of mass GGR.
It is also seen gaining up to 3% more market share from its rivals in the months ahead.
