A “new phenomenon” in the Macau casino market is that “even ahead of a holiday” there is “no slow period,
fwv26 A “new phenomenon” in the Macau casino market is that “even ahead of a holiday” there is “no slow period,” said Kenneth Feng Xiaofeng, chief executive of Macau operator MGM China Holdings Ltd. He was speaking on Thursday on the call of the parent, MGM Resorts International, to discuss the fourth-quarter earnings of the whole group. On Wednesday the parent had reported MGM China’s net revenue for the three months to December 31 as having climbed 21.4 percent year-on-year, to just under US$1.24 billion. The Macau unit had adjusted earnings before interest, taxation, depreciation, amortisation and rent (EBITDAR) of just under US$332.3 million for the reporting period, an increase of 30.5 percent from the same quarter a year earlier. Mr Feng was asked on the call about costs in the Macau market, business margins and the prospects for the upcoming Chinese New Year (CNY) break, a nine-day holiday on the Chinese mainland, that begins on February 15. The MGM China CEO stated: ...