MGM China Reports 2023 First Quarter Financial Data.

HONG KONG: MGM China Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the "Group") for the three months ended March 31, 2023 (the "Period").

Macau saw a pick up of visitation soon after the lifting of travel restrictions and quarantine requirements from COVID-19 pandemic in late December. Average daily visitor arrival for the Period reached approximately 55,000, compared to approximately 21,000 a year ago. Average daily visitation for the Period recovered to 48% of first quarter 2019, and it experienced month-on-month growth during the Period and reached approximately 63,000 in March.

The ease of travel restrictions to Macau also boosted the market gross gaming revenue (GGR). Industry daily GGR nearly doubled to MOP385 million, represented a 45% recovery of first quarter 2019.

MGM China continued to outperform the market amid of industry recovery. Net revenue of the Group increased by 131.2% year-on-year to HK$4.8 billion for the Period, reached 84% of first quarter 2019.

The Group reported adjusted EBITDA of HK$1.4 billion, significantly improved from HK$46 million same period last year, reached 87% of first quarter 2019.

Daily GGR for the Period recovered to 76% of first quarter 2019, outperformed industry's 45% recovery.

MGM China saw record high mass GGR during the Period. Daily mass GGR surpassed pre-COVID levels at 107% of first quarter 2019, higher than market's 60-70% levels.

We saw market share reach historical high of 15.4% during the Period, compared to 13.3% a year ago and 9.4% in first quarter 2019. MGM MACAU market share was 7.5% and MGM COTAI market share was 7.9%.

Adjusted EBITDA margin also grew to 29.2%, compared to 28.1% in first quarter 2019, with a mass-focused business and continuous improvement in operation efficiency.

Average occupancy was 90.5%, compared to 49.2% same period a year ago.

On a property basis, MGM MACAU recorded revenue of HK$2.3 billion (22Q1: HK$1.2 billion) and an adjusted EBITDA of HK$695 million (22Q1: HK$153 million).

MGM COTAI saw revenue of HK$2.5 billion (22Q1: HK$914 million) and an adjusted EBITDA of HK$718 million (22Q1: negative adjusted EBITDA of HK$108 million).

The Group maintained a healthy...

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