MGM China’s annual data affected by change of model

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The company has announced that MGM China recorded total revenues of HK$14.9 billion in 2016, compared to HK$17.2 billion in 2015. The Group recorded adjusted EBITDA of HK$4.5 billion, while in 2015 it registered HK$4.7 billion. Net profit was HK$3.0 billion, from HK$3.1 billion the previous year. Basic earnings per share were HK$0.80, posting a decrease compared to HK$0.82 in 2015.
MGM China said the local market had stabilised during the year. ‘While total gaming revenue in Macau declined by 3 per cent from the previous year, mass gaming revenue grew by an estimated 6 per cent year on year, but still grew less that the increase in market supply,’ said the company in a press release.
They also announced that ‘adjusted EBITDA margin increased 290 basis points from a year ago to 30.1 per cent, while net profit margin grew 230 basis points to 20.4 per cent.’
MGM China said the ‘contribution from main floor business continued to grow and reached approximately 80 per cent of profit for the year.’
The statement also revealed that the ‘MGM MACAU occupancy rate was 95.4 per cent for the year. The Group believes the property remains a popular and premium destination for high quality customers and while gaming occupancy has reduced, we have been successful in attracting new non-gaming customers.’