The MGM China Holdings Limited subsidiary of the American casino operator MGM Resorts International has reportedly released its financial results for the second quarter, which show that net sales fell 95% year over year to only $ 33.2 million.
According to an Inside Asian Gaming report, business at the operator’s two locations in Macau has been severely damaged by the recent introduction of local corona virus travel restrictions. The company admitted that visitor numbers for the three months to the end were close to zero in June.
Inside Asian Gaming reported that the Hong Kong-based operator’s MGM Cotai property had barely sales in the second quarter $ 18 million while the list for nearby MGM Macau venues was sparse $ 15.2 million. The source also described comparable downturns in each market segment, with the company’s revenue from VIP table games falling 96% year over year to just under $ 450 million alongside an even steeper drop of 97% from its mass market countrymen $ 66 million.
MGM China Holdings Limited also announced that the average monthly cash outflow for the three-month period was USD65.1 million roughly include $ 38.8 million In terms of current operating expenses, the adjusted real estate result before interest, taxes, depreciation and amortization, or restructuring or rental costs is at a deficit of $ 116 million. The casino company also said it pulled some $ 400 million on your $ 1.25 billion revolving credit facility during the quarter to bring the current outstanding debt to approximately $ 2.5 billion.
Immersion of the parents:
Inside Asian Gaming reported that MGM Resorts International is headquartered in Las Vegas owns almost 56% of MGM China Holdings Limited This company’s second quarter financial results showed a 91% year-on-year decrease in net sales to just $ 290 million. This was allegedly accompanied by a loss of $ 492 million in adjusted property earnings before interest, taxes, depreciation and amortization, or restructuring or rental costs to cover the overall deficit for the three-month period $ 857 million.
Bill Hornbuckle was officially named MGM Resorts International’s new president and chief executive officer this week and he reportedly proclaimed that the ‘short-term operating environment“It’s safe for his company”remain challenging and unpredictable‘due to the persistent effects of the corona virus.
Hornbuckle is said to have said …
“We remain focused, flexible and disciplined as we navigate through this evolving landscape while continuing to take advantage of our long-term growth opportunities, supported by our strong liquidity position. Therefore, we continue to look forward to our integrated resort facility in Osaka, the expansion of our presence in Macau and the positioning of BetMGM as a leading provider in the region United States“Sports betting and iGaming markets.”