MGM Growing Stronger in Macau

Sat, Feb 22, 2014

Robust increases in both VIP and mass-market play lifted MGM China Holdings to a banner fourth quarter. The Macau operator controlled by MGM Resorts International booked $238 million in EBITDA during the period, a 35 percent increase, on $926 million in net revenue.

MGM China Holdings beat analysts’ estimates with a 35 percent surge in fourth-quarter earnings as its Macau casino drew more VIP and mass-market gamblers.

Adjusted EBITDA rose to US$238 million from $176 million a year earlier, a 35 percent increase and surpassing the $230.7 million average of 10 analysts polled by Bloomberg.

Net revenue increased 27 percent to $926 million. Turnover at MGM Macau’s VIP tables rose 32 percent from a year earlier. Revenue increased 18 percent on the main floor.

The company announced it will pay a special dividend of HK$1.02 a share and a final dividend of 26 cents a share.

The Hong Kong-listed company is 51 percent owned by Las Vegas-based MGM Resorts International.

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