MGM China has reported an Adjusted EBITDA loss of HK$730.6 million (US$94.2 million) in the three months to 30 September 2020, down from positive EBITDA of HK$1.55 billion (US$200.0) million over the same period last year as a result of COVID-19.
Announced early Friday morning (Macau time) as part of parent company MGM Resorts International’s third quarter earnings release – which saw group-wide net losses of US$535 million – MGM China saw its 3Q20 revenue plummet 93.7% year-on-year to HK$363.2 million (US$46.9 million) including just HK$99.4 million (US$12.8 million) at MGM Cotai.
MGM Cotai suffered an EBITDA loss of HK$456.3 million (US$58.9 million) while MGM Macau saw an EBITDA loss of HK$274.2 million (US$35.4 million).
Both main gaming floor table win and VIP table games win decreased 95% for the quarter.
MGM Resorts said its cash and cash equivalents currently totalled US$4.6 billion of which US$396 million is contributed by MGM China. Total liquidity of MGM China as of 30 September 2020 was US$1.4 billion, which includes cash plus capacity under revolving credit facilities.
The results, which predate the relaunch of the Individual Visit Scheme for residents of all of mainland China from late September, were slightly improved from the second quarter when MGM China reported an Adjusted property EBITDAR loss of US$116 million on revenues of just US$33.2 million.
