MGM China recorded net revenues of US$289 million in the three months to 30 September 2021, down 61% versus the same period in 2019 and down 7% on the US$311 million recorded in the June quarter.
Despite the decline, MGM China still achieved positive Adjusted Property EBITDAR of US$7 million in 3Q21, slightly down from US$9 million in 2Q21 but reversing last year’s Q3 Adjusted Property EBITDAR loss of US$96 million.
The company said main gaming floor win reached US$222 million versus just US$25 million in 3Q20, although it was 12% lower than in 2Q21. Table drop of US$1 billion was 17% lower than Q2 and 51% down on 3Q19 levels.
VIP table games win of US$72 million was slightly higher than the June quarter and more than 300% higher than the US$17 million recorded a year ago. VIP table games turnover of US$1.8 billion was 30% lower than in 2Q21 and 79% lower than 3Q19.
By property, MGM Macau recorded revenue of HK$1.22 billion, down from HK$1.34 billion in Q2, with Adjusted Property EBITDAR of HK$126.8 million versus HK$116 million in Q2.
MGM Cotai recorded revenue of HK$1.03 billion compared with HK$1.07 billion in Q2, with an EBITDAR loss of HK$26.3 million compared with a loss of HK$55.4 million in Q2.
Both were heavily impacted by border restrictions between Macau and neighboring Zhuhai following a series of small outbreaks of COVID-19 in the SAR during the quarter.
Parent company MGM Resorts recorded group-wide revenues of US$2.7 billion, up 140% year-on-year, with net income attributable to MGM Resorts of US$1.4 billion versus a net loss of US$535 million a year earlier. Consolidated Adjusted EBITDAR was US$765 million.
