MGM Resorts International reported solid growth for the quarter ended June 30, beating analyst expectations.
Net revenue was up four per cent from the year ago quarter to $2.6bn, while EBITDA rose 12 per cent, with adjusted property EBITDA at $643m, an eight per cent increase.
In the earnings filing to the Hong Kong stock exchange MGM China put the opening of its Cotai, Macau, property back to “some time in 2016” from the previous estimate of “early 2016,” a move analysts attribute partly to Macau's labour shortages.
MGM China's net revenue declined one per cent to $828m, though adjusted EBITDA was $210m, a three per cent increase compared to the prior year quarter.
Main floor table game revenue at MGM China rose by 41 per cent, while VIP table game revenue decreased by 18 percent with a lower hold rate of 2.7 per cent compared with 2.9 per cent in the prior quarter.
