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The MGM China Holdings Limited subsidiary of American casino operator MGM Resorts International has reportedly released its second-quarter financial results showing that its net revenues tumbled by 95% year-on-year to just $33.2 million.
According to a report from Inside Asian Gaming, business at the operator’s two venues in Macau has been severely damaged by the recent imposition of local coronavirus-related travel restrictions with the firm admitting that visitation hit ‘near zero’ for the three months to the end of June.
Pessimistic pair:
Inside Asian Gaming reported that the Hong Kong-listed operator’s MGM Cotai property recorded second-quarter revenues of just $18 million while the tally for its nearby MGM Macau venues came in at a paltry $15.2 million. The source also detailed comparable downturns across every market segment with the company’s turnover from VIP table games having crashed by 96% year-on-year to just $450 million alongside an even more steep 97% decline from its mass-market compatriots to $66 million.
Escalating obligation:
MGM China Holdings Limited moreover reportedly announced that its average monthly cash outflow for the three-month period was $65.1 million encompassing approximately $38.8 million in run-rate operating outlay as its adjusted property earnings before interest, tax, depreciation, amortisation and restructuring or rental costs came is at a deficit of $116 million. The casino firm purportedly furthermore explained that it had drawn down some $400 million on its $1.25 billion revolving credit facility during the quarter to bring its current outstanding debt to roughly $2.5 billion.
Parental plunge:
Inside Asian Gaming reported that Las Vegas-headquartered MGM Resorts International owns just short of 56% of MGM China Holdings Limited while this firm’s own second-quarter financial results revealed a 91% year-on-year decrease in net revenues to a mere $290 million. This was purportedly accompanied by a $492 million loss in adjusted property earnings before interest, tax, depreciation, amortisation and restructuring or rental costs to bring its overall deficit for the three-month period to $857 million.
Testing times:
Bill Hornbuckle was this week officially named as the new President and Chief Executive Officer for MGM Resorts International and he reportedly proclaimed that the ‘near-term operating environment’ for his firm is certain to ‘remain challenging and unpredictable’ due to the ongoing impact of coronavirus.
Hornbuckle reportedly stated…
“We remain focused, flexible and disciplined in navigating this evolving landscape while continuing to pursue our long-term growth opportunities, supported by our strong liquidity position. As such, we remain excited about our integrated resort opportunity in Osaka, expanding our footprint in Macau and positioning BetMGM as a leading player in the United States’ sportsbetting and iGaming markets.”
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