MGM China says 2022 loss reached US$666 million, no final dividend to be paid

MGM China says 2022 loss reached US$666 million, no final dividend to be paid

Article brief provided by Inside Asian Gaming
  • Inside Asian Gaming
March 30, 2023 3:12 PM
  • Inside Asian Gaming
  • China

MGM China reported overnight a group-wide loss of HK$5.23 billion (US$666 million) in 2022, widened from its HK$3.85 billion (US$490 million) loss in 2021 due to the ongoing impact of the COVID-19 pandemic.

Story continues below

Publishing its FY22 financial results, MGM China also reported an Adjusted EBITDA loss of HK$1.27 billion (US$162 million) in 2022 – reversing a HK$187.2 million (US$24 million) EBITDA gain in 2021.

Gross casino revenue for the year just about halved to HK$5.58 billion (US$711 million), including a 40.4% decline in mass table win to HK$4.47 billion (US$569 million), a 72.5% decline in VIP table win to HK$580.8 million (US$74 million) and a 42.4% decline in slot machine win to HK$525.2 million (US$67 million).