MGM China Reports 2025 Annual Results

Rhea-AI Summary

MGM (SEHK:2282) reported full-year 2025 results with net revenue of HK$34.8 billion (+11% YoY) and record adjusted EBITDA of HK$10.0 billion. The Group cited Macau visitation of approximately 40 million in 2025 and a company market share of 16.1%, with total liquidity about HK$24 billion.

Property visitation rose 14% and daily GGR increased 11%, while MGM introduced new premium inventory and cultural attractions to boost non-gaming appeal.

Positive

• Net revenue +11% to HK$34.8 billion in 2025
• Property visitation +14% year-on-year
• Adjusted EBITDA reached a historical high of HK$10.0 billion

Negative

• Adjusted EBITDA margin slightly down to 28.8% from 28.9% (10 bps)

Key Figures

Macau visitation 2025: 40 million visitors Industry GGR 2025: MOP247 billion MGM China net revenue: HK$34.8 billion +5 more

8 metrics

Macau visitation 2025 40 million visitors Full-year 2025, up from 34.9 million in 2024

Industry GGR 2025 MOP247 billion Full-year 2025, up 9% YoY; 85% of 2019 level

MGM China net revenue HK$34.8 billion Full-year 2025, up 11% year-on-year

Adjusted EBITDA HK$10 billion Full-year 2025, up 10% with 28.8% margin

MGM China market share 16.1% Full-year 2025, up from 15.8% in 2024

MGM China liquidity HK$24 billion As of December 31, 2025, cash plus undrawn revolver

Alpha Villas keys 28 keys New Alpha Villas at MGM MACAU introduced in 2025

Planned new suites 60 suites Approximate number of new suites planned at MGM COTAI

Market Reality Check

Price: $37.49 Vol: Volume 10,439,179 is 2.04...

high vol

$37.49 Last Close

Volume Volume 10,439,179 is 2.04x the 20-day average, indicating elevated pre-news activity. high

Technical Price $36.28 is trading above the 200-day MA at $34.58, suggesting a prevailing uptrend into these results.

Peers on Argus

MGM fell 1.76% with elevated volume, while key casino peers mostly declined: CZR...

MGM fell 1.76% with elevated volume, while key casino peers mostly declined: CZR -5.75%, RRR -2.33%, MLCO -1.14%, BYD -0.57%, and MTN +0.89%. The mixed but generally negative peer tape suggests stock-specific focus rather than a broad sector rotation.

Common Catalyst Several peers had earnings-related headlines today (e.g., Boyd’s 2025 results, Melco’s earnings date), pointing to a broader reporting cycle across the casino group.

Historical Context

5 past events · Latest: Feb 04 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 04	Earnings timing update	Neutral	+8.1%	Pulled forward MGM earnings release and call scheduling details.
Feb 04	BetMGM FY update	Positive	+8.1%	BetMGM reported strong FY 2025 revenue growth and positive EBITDA shift.
Feb 02	Policy update	Positive	-0.1%	New anti-harassment policy to support sports integrity and RG focus.
Jan 29	Sponsorship deal	Positive	+1.8%	Multi-year Toyota partnership for T-Mobile Arena branding and activations.
Jan 22	Update notice	Neutral	+1.5%	Announcement of upcoming BetMGM FY 2025 business update webcast.

Pattern Detected

Recent MGM and BetMGM updates often coincided with upside moves, but there is a mix of alignment and divergence, especially around neutral or operational news.

Recent Company History

Over the past weeks, MGM’s news flow has centered on BetMGM performance, corporate events, and preliminary earnings timing. A BetMGM FY 2025 update showing strong revenue and EBITDA growth on Feb 4 coincided with a +8.08% move. Neutral items like earnings date notices and operational updates also saw generally positive reactions, though a responsible gaming policy announcement on Feb 2 drew a slight negative move. Against this backdrop of mostly constructive reactions, MGM China’s record 2025 figures add another data point of fundamental strength within the broader MGM ecosystem.

Market Pulse Summary

This announcement highlights MGM China’s role as a key earnings driver, with Macau industry GGR at M...

Analysis

This announcement highlights MGM China’s role as a key earnings driver, with Macau industry GGR at MOP247 billion and MGM China reaching HK$34.8 billion in net revenue, HK$10 billion Adjusted EBITDA, and 16.1% market share. Against recent positive BetMGM updates and MGM’s upcoming earnings, investors may track how these Macau results translate into consolidated margins, capital allocation, and future property enhancements such as new suites and non-gaming attractions.

Key Terms

adjusted ebitda, ggr

2 terms

adjusted ebitda financial

"Adjusted EBITDA also grew by 10% to historical high of HK$10 billion"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

ggr financial

"Gross gaming revenue (GGR) also continued to grow last year."

GGR stands for gross gaming revenue, the total amount a casino, sportsbook or other betting operator keeps after paying out winnings but before deducting operating costs, taxes or fees. Think of it like a store’s total sales cash after refunds have been returned but before paying rent, staff or bills. Investors watch GGR because it shows customer demand and is the starting point for profits, tax liabilities and growth trends.

AI-generated analysis. Not financial advice.

Revenue, Adjusted EBITDA and Marketshare
Continued to Grow to All-Time High

HONG KONG, Feb. 5, 2026 /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 the 12 months ended December 31, 2025 (the "Year").

The Group is pleased to see Macau continuing to grow in 2025. The city welcomed a record visitation of approximately 40 million in 2025, up from 34.9 million in 2024. Daily visitation was up 15% to 109,779.

Gross gaming revenue (GGR) also continued to grow last year. Full-year industry GGR was up 9% year-on-year to approximately MOP247 billion or daily MOP678 million in 2025, representing 85% of 2019. Each subsequent quarter delivered sequential acceleration of 1%, 8%,13% and 15% growth respectively in 2025.

• MGM China saw record growth in various business segments in 2025. Property visitation rose 14% year-on-year. Daily GGR was up 11%.
  
  
• Net revenue of the Group grew by 11% year-on-year to HK$34.8 billion in 2025.
  
  
• Adjusted EBITDA also grew by 10% to historical high of HK$10 billion in 2025. The Group maintained adjusted EBITDA margin at 28.8% (2024: 28.9%), with a mass-focused business and sustaining operational efficiency.
  
  
• MGM China saw market share at new high of 16.1%, further climbed from 15.8% in 2024. MGM COTAI market share was 10.1% and MGM MACAU was 6.0%.
  
  
• The Group maintained a healthy financial position. As of December 31, 2025, the Group had a total liquidity of approximately HK$24 billion, comprised of bank balances and cash and undrawn revolver.

MGM continues its hospitality legacy with seven five-star awards by Forbes Travel Guide 2025, featuring the team's dedication to delivering exceptional experiences.

During the Year, MGM MACAU introduced Alpha Villas with a total of 28 keys. Together with launch of Alpha Club also at the Peninsula property and completion of other refurbishment projects, MGM MACAU provides an elevated experience especially for premium customers, reflecting our understanding of their latest tastes and trends.

Our residency show Macau 2049 at MGM COTAI, jointly created by MGM and acclaimed director Zhang Yimou, was awarded the Weibo Cultural Tourism IP Award at the 2025 "Weibo Travel Night". The award reaffirms our achievements in cultural tourism communication and underscores our support for developing Macau as a platform for exchange and cooperation, where Chinese culture is the mainstream while diverse cultures coexist. Since its premiere, Macau 2049 has attracted an international audience with over 30% coming from overseas, a remarkable testament to its expanding global appeal and its ability to spark worldwide interest in traditional Chinese culture.

At MGM MACAU, POLY MGM MUSEUM reached a remarkable milestone by welcoming its one-millionth visitor in November last year. Spanning across nearly 2,000 square meters, the museum is meticulously built to meet national standards for exhibiting Grade-One cultural relics. It blends traditional craftsmanship with advance technology to create an immersive and world-class cultural experience for visitors.

The inaugural exhibition - The Maritime Silk Road – Discover the Mystical Seas and Encounter the Treasures of the Ancient Trade Route – was awarded the International and Hong Kong, Macao, Taiwan Cooperation Award by "Top Ten Museum Exhibitions" in China. The museum is currently presenting its second exhibition - Silk Roads Beyond Borders - which traces the history of the overland Silk Road through more than 200 historical artifacts and contemporary artworks. Through imaginative curatorial storytelling, the exhibition recreates a dialogue between past and present, inviting visitors on a cultural journey that transcends time and space.

Kenneth Feng, Chief Executive Officer of MGM China said: "We are excited to see MGM China being a solid outperformer in the market, ending the year with record-high growth across various business segments. We are proud to have maintained solid marketshare of over 16% for the full year, as our operating team continues to command a strong understanding and relationship with the premium customer driving the market."

Following the launch of Alpha Villas, MGM COTAI has begun converting rooms into approximately 60 new suites, further strengthening the complementary positioning of our properties - with MGM MACAU as the leading property on the Peninsula and MGM COTAI as the preferred destination for premium customers.

"We are committed to creating quality experiences for our visitors, aligning our offerings with the Macau Government's vision to develop the city into a global and diversified tourist destination. With more non-gaming and entertainment events taking place across Macau, we believe people will have even more reasons to visit, driving long-term and sustainable growth for the city," 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 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.

 

View original content:https://www.prnewswire.com/news-releases/mgm-china-reports-2025-annual-results-302680790.html

SOURCE MGM China

FAQ

What were MGM China (MGM) full-year 2025 revenues and growth rate?

MGM reported full-year 2025 net revenue of HK$34.8 billion, up 11% year-over-year. According to the company, growth was driven by higher visitation, stronger daily GGR and a sustained mass-focused operating mix across its Macau properties.

How large was Macau visitation in 2025 and how did it affect MGM (MGM)?

Macau recorded approximately 40 million visitors in 2025, supporting resort demand and revenues. According to the company, increased citywide visitation helped MGM achieve higher property footfall, daily GGR gains and expanded market share to 16.1%.

What was MGM China's (MGM) adjusted EBITDA in 2025 and its significance?

Adjusted EBITDA was HK$10.0 billion in 2025, a historical high for the Group. According to the company, this reflected operational efficiency and a mass-focused business that sustained margins despite revenue expansion and higher activity levels.

How did MGM (MGM) change its premium offerings in 2025?

MGM introduced 28-key Alpha Villas and began converting rooms into about 60 new suites to enhance premium inventory. According to the company, these moves target higher-value customers and strengthen complementary positioning between MGM Macau and MGM Cotai.

What is MGM China's (MGM) liquidity position at year-end 2025?

As of December 31, 2025, MGM held approximately HK$24 billion in total liquidity, including cash and undrawn revolver. According to the company, this liquidity supports operations, investment in premium product upgrades and ongoing strategic initiatives.