High-roller slump hits MGM China
Contributors are not employed, compensated or governed by TD, opinions and statements are from the contributor directly
A sharp decline in VIP gaming revenues has impacted the performance of MGM China in the third quarter of 2014.
The hotel and casino company revealed that its VIP table games revenue slumped 19% in the Q3 2014, compared to the same period last year.
Revenue from ‘main floor’ table games continued to rise sharply, up 34% year-on-year, but this was not enough to prevent the company’s overall Q3 revenue declining 2% to US$794 million. MGM China’s operating income increased however, rising 23% to US$140 million.
MGM Resorts International’s chairman & CEO, Jim Murren, called China a “difficult market”, without expanding.
Currently MGM operates just one hotel and casino in Macau, but Murren added that construction of the new MGM Cotai integrated resort is progressing “on time and on budget”. The new development is scheduled to open in autumn 2016, when it will significantly boost MGM’s presence in the world’s biggest gaming market.
Comments are closed.