Sequential Improvement and Turnaround in Fourth Quarter Maintained Healthy Balance Sheet
HONG KONG, Feb. 11, 2021 /PRNewswire/ — MGM China Holdings Limited yesterday announced the selected unaudited financial data of the Company and its subsidiaries (the “Group”) for the three months and 12 months ended December 31, 2020 (the “Year”).
Last year the world was under the severe impact of COVID-19 pandemic.
The city thus experiencing low visitations as a result of various strict travel restrictions and quarantine measures. Total visitation in 2020 was 5.9 million, compared to 39.4 million in 2019.
Overall hotel occupancy in Macau was down to 28.6% from 90.8% a year earlier. Gross gaming revenue (GGR) declined by 79% to the lowest level in 14 years.
Hubert Wang, President & Chief Operating Officer of MGM China said: “We are pleased to see MGM China turned profitable again driven by strong market share gains and continued cost mitigation efforts.”
Construction of additional suites at MGM COTAI is underway and expected to be launched in mid-2021. We have also begun other remodeling and refurbishment projects on both properties and additional food & beverage options on gaming floors to enhance customers experiences.
“We expect the broader rate of business recovery will continue to be gradual, driven by the premium mass market which both MGM MACAU and MGM COTAI are well positioned to capture.
“MGM China will continue to invest in strengthening our market position, and continue to believe in the long-term success of Macau. We have been committed to supporting Macau as a world tourism destination. We look forward to working with the government through the licensing renewal process in hopes to further our support for many more years to come,” said Hubert Wang.
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