MGM China Reports 2025 Second Quarter Results

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MGM China (OTC:MCHVY) reported strong Q2 2025 financial results, achieving record-high quarterly performance. The company posted net revenue of HK$8.7 billion (up from HK$8.0 billion in Q2 2024) and adjusted EBITDA of HK$2.5 billion with a 29.0% margin. Their market share increased to 16.6% from 16.0% year-over-year.

The company saw significant growth with daily GGR increasing 12% year-over-year to MOP111.2 million. Property visitation grew by 12% year-over-year, reaching 175% of 2019 pre-COVID levels. The Group maintained strong liquidity of HK$22.5 billion and achieved 94.5% average occupancy. Notable developments include the completion of Alpha Villas at MGM MACAU and the success of their residency show "Macau 2049."

[ "Record high quarterly adjusted EBITDA, up 6.1% quarter-over-quarter", "Market share increased to 16.6% from 16.0% year-over-year", "Net revenue grew to HK$8.7 billion, up 8.4% quarter-over-quarter", "Daily GGR increased 12% year-over-year to MOP111.2 million", "Property visitation grew 12% year-over-year, reaching 175% of 2019 levels", "Strong liquidity position of HK$22.5 billion", "High average occupancy rate of 94.5%" ]

Positive

• None.

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• Adjusted EBITDA margin slightly decreased to 29.0%

Record High Quarterly Adjusted EBITDA  Market Share Reached 16.6%

HONG KONG, July 30, 2025 /PRNewswire/ -- MGM China Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the "Group") for second quarter (the "Period").

The Group is pleased to see the Period Macau has posted growth from last year. Daily visitation reached 102,812, representing a year-on-year growth of 19%, having recovered to 94% of same period in 2019.

Gross gaming revenue (GGR) in Macau also saw growth. Headline daily GGR in the Period rose 8% year-on-year to MOP671.6 million per day, accelerated from MOP640.6 million per day in the first quarter.

• MGM China, in the second quarter, saw property visitation grow by 12% year-on-year reaching 175% of 2019 pre-COVID levels 
• MGM China's daily GGR in the Period grew by 12% year-on-year to MOP111.2 million, compared to MOP100.4 million in the first quarter.
• Net revenue for the Group was HK$8.7 billion in the second quarter (24Q2: HK$8.0 billion). The Group reported adjusted EBITDA of HK$2.5 billion for the quarter (24Q2: HK$2.4 billion). Adjusted EBITDA margin for the Period was 29.0%.
• On a quarter-on-quarter basis, net revenue was up 8.4% while adjusted EBITDA was up 6.1%, marking the quarter as a historical high. Adjusted EBITDA has surpassed 2019 pre-COVID levels by 172%.
• We are glad to see a solid market share for the Period, which grew to approximately 16.6% from 16.0% a year ago. MGM COTAI market share was approximately 10.5% and MGM MACAU market share was approximately 6.2%.
• Average occupancy was 94.5% for the Period.
• The Group maintained a healthy financial position. As of June 30, 2025, the Group had total liquidity of approximately HK$22.5 billion, comprised of cash and cash equivalents and undrawn revolver.

The Group has completed construction of Alpha Villas at MGM MACAU during the Period, and all 28 villas are now available as of July. The villas have been well received by customers as we adapt to their latest tastes and trends.

During the Period, MGM China has proudly delivered a series of non-gaming events and excitements. Demonstrating MGM's commitment to bringing world-class cuisine to Macau, we brought together four exceptional Michelin star chefs, including Pan Sihui, Aji's Chef de Cuisine, for the third edition of MGM x RR1HK Culinary Masters Macau. The event showcased the finest gastronomic innovations, blending flavors from the East with culinary techniques of the West, not only celebrating Macau's unique cross-cultural heritage, but also cementing its status as East Asia's cultural capital.

Beyond gastronomy, MGM also champions sports and cultural initiatives, having collaborated with the Macau Government to host the MGM Artistic Swimming Elite Extravaganza & Macao Open Competition 2025 in June. Featuring a grand showcase, open competition, and exclusive professional training classes, MGM continues to spotlight our elite athletes, including China's Olympic champions, the National Artistic Swimming Team.

Moreover, Macau 2049, MGM's groundbreaking residency show jointly created with the internationally acclaimed Chinese filmmaker Zhang Yimou, proudly celebrated its 100th show on May 14. The show was recognized with the Sixth China Cultural Tourism Pioneer Award 2025 presented by the China Association of Amusement Parks and Attractions in May, and was awarded the 2024 Weibo Cultural Tourism IP Award in June. With approximately 30% of its audience comprising of international visitors, this show has, and will continue to amplify Macau's global appeal, further supported by our large-scale promotional campaigns in the region.

Kenneth Feng, President and Executive Director of MGM China said: "We are delighted to see another quarter of growth driven by our deep understanding and customers and our ability to refresh our products and offerings to cater to customers' taste.

"Following the launch of Alpha Villas, MGM COTAI has begun converting rooms into around 60 new suites, all of which will help us further uphold our complimentary positioning of the properties with MGM MACAU as a leading property on the Peninsula and MGM COTAI as the preferred destination for premium customers.

"We are committed to bringing more unique and quality experiences to our visitors, to align our offerings with the Macau Government's vision to develop the city into a global and diversified tourist destination," said Kenneth Feng.

About MGM China Holdings Limited

MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles our presence in Macau. 

MGM China is majority owned by MGM Resorts International (NYSE: MGM) one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, ARIA, MGM Grand, Mandalay Bay and Park MGM. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.

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SOURCE MGM China

FAQ

What were MGM China's (MCHVY) Q2 2025 earnings results?

MGM China reported net revenue of HK$8.7 billion and adjusted EBITDA of HK$2.5 billion with a 29.0% margin. This represents an 8.4% quarter-over-quarter increase in revenue and 6.1% increase in adjusted EBITDA.

What is MGM China's current market share in Macau for Q2 2025?

MGM China's market share grew to 16.6% from 16.0% year-over-year, with MGM COTAI holding approximately 10.5% and MGM MACAU holding approximately 6.2%.

How much did MGM China's daily gross gaming revenue (GGR) grow in Q2 2025?

MGM China's daily GGR grew by 12% year-over-year to MOP111.2 million, compared to MOP100.4 million in the first quarter.

What is MGM China's current liquidity position as of Q2 2025?

As of June 30, 2025, MGM China had total liquidity of approximately HK$22.5 billion, which includes cash and cash equivalents and undrawn revolver.

What new developments did MGM China complete in Q2 2025?

MGM China completed the construction of Alpha Villas at MGM MACAU, with all 28 villas now available. Additionally, MGM COTAI began converting rooms into approximately 60 new suites.