Peninsula property MGM Macau leads MGM China growth in 2Q21

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MGM China reported a 5.1% increase in net revenues to US$311 million in 2Q21, with Adjusted Property EBITDAR almost doubling to US$9 million compared to the March quarter as the companys recovery from the COVID-19 continued its slow but steady pace.

The Macau results, comprising MGM Macau and MGM Cotai, were more subdued than those of parent MGM Resorts International, which reported group-wide revenues of US$2.3 billion, up from US$1.6 billion in Q1 and 683% higher than the same period last year. The group also returned to profit in Q2, recording net income of US$105 million versus a loss of US$857 million in 2Q20 and US$332 million in the March 2021 quarter.

In Macau, MGM noted that revenue of US$311 million was 836% higher year-on-year although still 56% lower than 2Q19, before the COVID-19 pandemic struck.

MGM Chinas VIP table games turnover was up 9% sequentially but win declined by 9% to US$71 million due to lower hold. Turnover was at just 24% of 2Q19 levels.

Main floor table games drop grew 20% to US$1.3 billion, reaching 62% of 2Q19 levels. Win of US$252 million was also 10% higher than in the March quarter again impacted by low hold.

Notably, MGM Macau was again the strongest performer with revenue of HK$1.34 billion (US$172.3 million) and Adjusted EBITDA of HK$116 million (US$14.9 million) compared with MGM Cotais revenue of HK$1.07 billion (US$137.6 million) and an Adjusted EBITDA loss of HK$55.4 million (US$7.1 million).