MGM China posts net income of $680 million for fiscal 2022

MGM China Holdings has released its unaudited annual financial report for 2022. The company has published figures for the last quarter of 2022 and for the entire fiscal year. The operator reported net income of around HK$5.3 billion (US$680 million), representing almost half of its net income when compared to the previous fiscal year.

MGM China Chairman and CFO Kenneth Feng attributed this year’s results to less travel restrictions across the region after a Covid-19 outbreak in Macau disrupted a significant amount of travel last year.

Feng said, “We are excited to see a market recovery in 2023 as our guests are returning with a vengeance. The relaxation of travel restrictions and entertainment events held during CNY (the official currency of Beijing and all of China) have in strong visits to Macao and to our properties”.

“We see the encouraging results as validation of our confidence in the recovery of the Macau market and the long-term viability on which our rehiring commitments are based”, he added.

Feng highlighted the company’s future goals and spoke of the importance of a continued focus on the leisure and tourism industries. “As we look beyond the strong January, we are very confident in the trajectory of Macau and MGM China.”

“We will remain committed to fulfilling our commitments to the Government of Macau, demonstrate more strength in the integrated tourism and leisure industry and continue to make contributions to Macau”, he concluded.

About MGM China

MGM China Holdings Limited is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. The holding company of MGM Grand Paradise owns one of the six casino gaming concessions in Macau.

Additionally, MGM China is majority owned by MGM Resorts International, a leading global hospitality company, operating a portfolio of luxury resort brands including Bellagio, ARIA, MGM Grand, Mandalay Bay and Park MGM.