Macau casino operator MGM China saw an 85% rise in full-year revenue for 2021, outstripping expectations and making them the second casino operator in the area to post improved year-on-year business performance, reports the South China Morning Post. The company reported adjusted earnings before interest, taxation, depreciation and amortisation (Ebitda) of HK$390 million ($48.7 million) for the full year ended December 31 2021, a turnaround from the negative adjusted Ebitda of HK$1.4 billion in 2020.
According to the results announced on the Hong Kong exchange on Thursday, the company’s gross gaming revenue from mass gaming grew 18% quarter on quarter in the fourth quarter, outperforming the industry’s 13-14% growth, according to JPMorgan. The contribution from its VIP gaming segment, however, fell 3% in the quarter.
In the fourth quarter, the company, which is controlled by New York-listed MGM Resorts International, reported net revenue of HK$2.45 billion, an increase of 9% quarter on quarter.