MGM China posts net revenue of HK$5.3bn for FY2022
MGM China Holdings has released its unaudited 2022 annual financial report. The company published figures from both the final quarter of 2022 and for the entire fiscal year.
The operator posted net revenue of nearly HK$5.3bn ($680m), representing almost half of its net revenue when compared to the previous fiscal year. MGM China reported a negative adjusted EBITDA that reached HK$1.3bn.
Occupancy in 2022 reached 34.1%, down more than 20 percentage points year-on-year.
MGM China President and CFO Kenneth Feng attributed this year’s results to fewer travel restrictions throughout the region, after a recent Covid-19 outbreak in Macau halted a significant amount of travel last year.
Feng said: “We are excited to see a market rebound in 2023 as our guests are returning in force. The relaxation of travel restrictions and the entertainment events organised during CNY resulted in strong visitation to Macau and our properties.
“We see the encouraging results as validation in our confidence in the Macau market’s recovery and long-term viability upon which our retendering commitments are built.”
Feng went on to highlight the company’s future goals and talked about the importance of a continued focus on both the leisure and tourism industries.
He said in closing: “As we look beyond the strong January and CNY, we are highly confident in the trajectory for Macau and MGM China.
“We will stay dedicated to fulfilling our commitments to the Macao SAR Government, demonstrate further strength in the integrated tourism and leisure industry and continue to make contributions to Macau.”
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