Game operator MGM China returned to profits in the first quarter of this year, worth 1.4 billion Hong Kong dollars (163.8 million euros), after having closed 2022 with losses.
In comparison, last year the concessionaire had a negative adjusted EBITDA (earnings before taxes, interest, depreciation and amortization) of around 1.3 billion Hong Kong dollars (150.7 million euros).
According to a statement released today, in the first three months of this year, MGM China had net revenues of 4.8 billion Hong Kong dollars (561.2 million euros), more than double the amount recorded in the same period of 2022 .
Game operator MGM China returned to profits in the first quarter of this year, worth 1.4 billion Hong Kong dollars (163.8 million euros), after having closed 2022 with losses.
In comparison, last year the concessionaire had a negative adjusted EBITDA (earnings before taxes, interest, depreciation and amortization) of around 1.3 billion Hong Kong dollars (150.7 million euros).
According to a statement released today, in the first three months of this year, MGM China had net revenues of 4.8 billion Hong Kong dollars (561.2 million euros), more than double the amount recorded in the same period of 2022 .
Bets at the two casinos operated by the group in Macau increased by 79.2% year-on-year in the mass segment and 109.5% in the VIP segment, reserved for high rollers.
In the first quarter of 2023, gaming revenues in Macau reached 34.6 billion patacas (4 billion euros), 94.9% more than in the same period last year, according to official data.
The gaming industry, the engine of the city’s economy, accounts for 55.5% of Macao’s gross domestic product (GDP) and provides work for over 80,000 people, i.e. around 17% of the employed population.
In 2019, the territory received almost 40 million visitors and the revenues of Macau’s casinos were 292.4 billion patacas (about 31.9 billion euros).
The gaming capital of the world, Macau is the only place in China where casino gambling is legal. Six concessionaires operate in the territory, MGM, Galaxy, Venetian, Melco, Wynn and SJM, which renewed, on December 16th, the concession contract for the next ten years and which entered into force on January 1st.
The authorities demanded in the public tender the bet on non-gambling elements and foreign visitors, in the hope of diversifying the territory’s economy.
