Macau casino operator MGM China Holdings Ltd said first-quarter adjusted earnings before interest, taxation, depreciation and amortisation were slightly above HK$2.5 billion ($319.6 million), its “best” quarterly performance. The figure represents a 77.3% increase from the same quarter last year and is equivalent to about 155% in the first quarter of 2019, it filed with the Hong Kong Stock Exchange on Thursday.
On a quarter-over-quarter basis, the company’s EBITDA grew by 13.6%.
MGM China said its adjusted EBITDA margin for January-March was 30.3%, its “highest” quarterly margin since COVID.
The company attributed the results to the group’s “continued improvement in operational efficiency with a focus on large businesses.”
Net sales in the first quarter rose 70.6% year-on-year to HK$8.26 billion. Revenue rose 7.6% sequentially to 143% in the 2019 pre-pandemic trading year, the company said.
MGM China “re-reported” results “higher than agreed estimates,” Andrew Lee, an analyst at Jefferies Hong Ltd, said in a note on Thursday.
“[MGM China] management reiterated its optimistic outlook, especially with the GGR of only 80% of pre-pandemic levels in April and recent visa reforms aimed at inducing China to visit,” the analyst wrote.
MGM China operates MGM Macau (pictured) on the Macau Peninsula and MGM Kotai in the city’s Kotai district.
The casino company said its Macau gaming gross profit (GGR) basis market share “increased further” to 17% in the three months to March 31, compared with 15.2% a year earlier and 9.5% in 2019.
MGM Kotai had a 10.1% market share and MGM Macau had a 6.9% market share during the reporting period, the company said.
BY: 바카라사이트