MGM China Is Focused on Macau
On the path of recovery from the COVID-19 restrictions MGM China focused on supporting the Macau region and on more investments.
In comments to MGM China’s Annual Report Bill Hornbuckle, the representative of the company, told about MGM China’s progress within the second half of 2020 and the beginning of 2021. He also emphasized the company’s commitment.
The abovementioned progress means that both Macau properties – MGM Macau and MGM Cotain returned to positive EBITDA.
For those reasons, the company is willing to invest in the region even more. MGM China is interested in growing its presence in the region and gaining further success, helping the region become stronger.
Gambling revenue in quarter four increased compared to quarter three, and the company expects the recovery rate to continue. Hornbackle also stated the growth of the premium mass segment in the region that influenced the changes within MGM customers too. MGM China market share grew from 9,5% in 2019 to 12,6% in 2020. Despite COVID-pandemic impact MGM China’s financial positions remain solid.
Golden Week and Macau Casinos
May Golden Week activities are about to start soon. Chinese New Year celebrations faced some travel restrictions, but they will not be applied to Golden Week activities.
May Day festival is usually popular among tourists visiting casino canter. Swiss bank UBS officials mentioned that there hadn’t been COVID cases reported in Macau within the last 12 months, and the vaccination efforts initiated give all the chances for the absence of any travel restrictions.
Gambling and tourism revenues grow significantly during Lunar New Year festivities. But these celebrations were not held this year because of the COVID-19 pandemic and restrictions. At the beginning of March Macau started vaccinations by BioNTech vaccines. The locals and casino staff are about to receive the injections soon. The further distribution of vaccines gives chances for the biggest gambling hub to recover from the pandemic impact. Negative COVID-19 tests are no longer required to enter casinos.
Moreover, Macau officials are negotiating with their colleagues in mainland China to speed up the process of visa approval. Tourists applied for entrance permits online prior to the COVID-19 pandemic.