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MGM China Reports 2020 First Quarter Financial Data

Published

5 years ago

May 4, 2020

George Miller

MGM China Reports 2020 First Quarter Financial Data

Reading Time: 2 minutes

MGM China Holdings Limited announced the selected unaudited financial data of the Company and its subsidiaries (the “Group”) for the three months ended March 31, 2020.

In the first quarter, MGM China recorded total revenue of HK$2.1 billion. The Group saw an adjusted negative EBITDA of HK$0.1 billion. Overall occupancy rate was 36%.
The first-quarter results were significantly impacted by the COVID-19 pandemic and we continue to be impacted today. China has implemented temporary suspension of tour groups and Individual Visit Scheme in late January, followed by a 15-day shutdown of all casinos (February 5 -19) by the Macau Government.
The Macau market continues to experience low visitation levels primarily driven by various travel restrictions and quarantine measures in Mainland China and Hong Kong. Macau’s gross gaming revenue (GGR) in first quarter declined by 60% year-on-year, that February GGR was down by 88% year-on-year and March down by 80% year-on-year.
For the Period, MGM MACAU recorded revenue of HK$1.1 billion and EBITDA of HK$34.1 million. MGM COTAI recorded revenue of HK$1.0 billion and negative EBITDA of HK$156.8 million.
MGM MACAU and MGM COTAI were reopened on February 20 with social distancing and other safety protocols in place.

Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: “The decisive actions and leadership of the Macau Government has contained the COVID-19 & shielded Macau from the worst effects. We at MGM China have been working with the Government as we focus on the health and safety of our team members, guests and all Macau citizens.

“While we focus to contain our costs, we are building scenario and maintaining relationship with our customers. We are preparing for recovery and extremely positive about the prospects of Macau gaming and hospitality market in a longer term.”

About MGM China Holdings Limited

MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/sub-concessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles our presence in Macau.

MGM China is majority owned by MGM Resorts International one of the world’s leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. For more information about MGM Resorts International, visit the Company’s website at www.mgmresorts.com.

SOURCE MGM China

Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: MGM China Reports 2020 First Quarter Financial Data

Related Topics:gambling industry in Europe

George Miller

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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IGT Modernizes Central Lottery System for LOTTO Thüringen in Germany via Seven-Year Contract Extension

Published

3 hours ago

January 23, 2025

George Miller

Reading Time: < 1 minute

International Game Technology PLC announced that its subsidiary, IGT Global Services Limited, has signed a seven-year contract with the Thuringian State Lottery (“LOTTO Thüringen”) in Germany to deploy its retail central system technology, Aurora™, and related software upgrades. The contract term will begin upon go-live of the new platform, planned for March 2026.

An integral part of OMNIA™, IGT’s player-centric, omnichannel solution for lotteries, Aurora helps drive lottery innovation and profitability. The platform will provide intuitive, user-friendly applications, tools and reporting capabilities which will handle all of LOTTO Thüringen’s transaction processing, game management and back-office operations.

“LOTTO Thüringen has relied on IGT’s versatile and strong-performing central system technology throughout the course of our decades-long relationship,” said Jochen Staschewski, LOTTO Thüringen Chief Executive Officer. “Upgrading our central retail system to IGT’s advanced platform and back-end software will enable us to streamline our business processes and continue operating with the highest levels of efficiency.”

“IGT’s retail central system incorporates a suite of flexible solutions designed to help manage, transform and further grow LOTTO Thüringen’s business,” said Jay Gendron, IGT Chief Operating Officer, Global Lottery. “With this long-term contract extension, LOTTO Thüringen is well-positioned to continue benefiting from IGT’s secure, responsible and modernized technology and software. Leveraging these best-in-class solutions will aid in the Lottery’s goals of supporting good causes throughout the state.”

The post IGT Modernizes Central Lottery System for LOTTO Thüringen in Germany via Seven-Year Contract Extension appeared first on European Gaming Industry News.

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Prepare to be Amazed in Mythical Legends Carnival, a Mythic Video Slot!

Published

5 hours ago

January 23, 2025

George Miller

Reading Time: < 1 minute

The new title from leading Spanish e-Gaming provider MGA Games is an innovative game with a truly original theme: a journey through carnival festivities filled with legendary creatures. Its design combines the excitement of street parties with the richness of mythological creatures from around the world, providing a totally unique experience.

This new casino slot features 25 paylines, with winning combinations paid from left to right. By landing 3 or more Scatter symbols, players gain access to the Free Spins screen, which includes an innovative prize system. Players can enjoy an accumulator feature and a final Super Respin spin that awards the accumulated winnings. It also includes Money and Collect symbols, which when combined offer an additional bonus prize.

Global Audience
By showcasing mythologies from all over the world, the game is set to appeal to a global audience, enhancing its market potential and attracting players from various countries. Its visual and auditory elements, featuring vibrant graphics and immersive music, will captivate players and deliver a fully immersive experience in a fantastic world.

In this new release, every spin of the reels will surprise players with its themed symbols. As if that weren’t enough, the game features an optional Buy Free Spins button, speeding up the path to big rewards. Mythical Legends Carnival will be available in all of Spain’s best online casinos starting February 3rd and across .com markets from January 27th.

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ZITRO’S EXCEPTIONAL BOOTH MAKES A STRONG IMPACT AT ICE BARCELONA 2025

Published

5 hours ago

January 23, 2025

George Miller

Reading Time: 2 minutes

Zitro has announced the tremendous success of its participation in ICE Barcelona 2025. The booth itself was a showstopper —spectacular in every sense—drawing widespread admiration from attendees. Described by some as “sending a message,” the booth stood as proof of the company’s ability to deliver innovative products and an unparalleled showcase that reinforced its position as one of the leaders in the global gaming industry.

Visitors experienced firsthand the remarkable progress the company has made in expanding and diversifying its product range. At the forefront of the showcase was the all-new CONCEPT cabinet line featuring Concept Prime, Concept Prime-J, and Concept Deluxe. The event also marked the European debut of Zitro’s latest game lineup for both the CONCEPT and GLARE cabinet lines, which includes Legendary Sword, Fairyland Quest, Lucky Vault, Cash Totems, Triple Charm Journey, Merging Fu Pots, King Fu Frog. among others. Each title introduces different gameplay mechanics paired with high-quality graphics, animations, and sound.

Zitro’s Mega Lounge has demonstrated impressive performance in key markets such as Portugal, Italy, Argentina, Peru, Paraguay, Costa Rica, Greece, and, more recently, Guatemala. At ICE Barcelona, the company unveiled the Grand Mega Lounge that incorporates the CONCEPT cabinet line, featuring existing and new games with both Grand Mega and Mega jackpots.

Zitro also highlighted the success of its Wide Area Progressive (WAP) product line. Recent launches in Panama, Costa Rica, and Peru have generated great enthusiasm, while Argentina saw the debut of Zitro’s first WAP this past December with more than 45 slot cabinets across five gaming halls at the prestigious Hipódromo de Palermo.

Additionally, Zitro announced the expansion of its digital gaming portfolio into the newly regulated Brazilian iGaming market. The division continues to expand its portfolio with new titles and upcoming seasonal games for Valentine’s Dayck’s D and Saint Patriay. It has also introduced various promotional tools to support operators in commercializing its games.

Commenting on the success of ICE Barcelona 2025, Sebastian Salat, President – International at Zitro, stated: “Zitro’s participation at ICE focused on reinforcing its commitment to becoming a global leader, capable of meeting the needs of casino operators anywhere in the world. The event provided an excellent platform to showcase the breadth and diversity of our gaming portfolio and connect with clients. Zitro is deeply grateful for the support received and remains committed to delivering value to operators and players worldwide.”

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