MGM China Reports 2025 Third-Quarter Results

Rhea-AI Summary

MGM China (SEHK:2282) reported a record third quarter for the three months ended Sept 30, 2025, driven by Macau recovery.

Key figures: net revenue HK$8.5 billion (+17% YoY), adjusted EBITDA HK$2.4 billion (+20% YoY) and adjusted EBITDA margin 27.9%. Macau daily visitors averaged 113,614 (+14% YoY, +5% vs 2019). Industry GGR per day rose 13% YoY to MOP680 million; third-quarter GGR recovered to 88% of 2019. Property highlights: MGM COTAI revenue HK$5.1B (+22%), adjusted EBITDA HK$1.5B (+23%); MGM MACAU revenue HK$3.4B (+12%), adjusted EBITDA HK$914M (+14%). Group liquidity was ~HK$22.3B as of Sept 30, 2025.

Positive

• Net revenue HK$8.5B (+17% YoY)
• Adjusted EBITDA HK$2.4B (+20% YoY)
• Adjusted EBITDA margin 27.9% (up from 27.4%)
• Macau average daily visitors 113,614 (+14% YoY; +5% vs 2019)
• MGM COTAI revenue HK$5.1B (+22%); adj. EBITDA HK$1.5B (+23%)
• Total liquidity ~HK$22.3B as of Sept 30, 2025

Negative

• Third-quarter GGR recovered to 88% of 2019, still below pre-COVID levels
• Typhoon-related casino closures in September disrupted operations

Insights

Financial results analyst

Record Q3 revenue and adjusted EBITDA with margin expansion and strong liquidity signal clear operational recovery.

The Group reported net revenue of HK$8.5 billion for the three months ended September 30, 2025, up 17% year‑on‑year, and adjusted EBITDA of HK$2.4 billion, up 20% year‑on‑year; both are record highs for a third quarter. Adjusted EBITDA margin improved to 27.9% from 27.4% a year earlier, driven by higher daily visitation, stronger daily GGR and a mass‑focused mix, all shown for the Period.

Key financial dependencies and risks include continued Macau demand and operational continuity; the release notes industry GGR per day rose to MOP680 million and third‑quarter GGR recovered to 88% of 2019 levels, but mentions typhoon‑related closures in September which temporarily reduced activity. Watch quarterly GGR trends, property‑level margins (MGM COTAI margin 28.5%, MGM MACAU margin 26.9%) and total liquidity reported at HK$22.3 billion over the next reporting periods to confirm sustainability of this momentum.

Market and operations analyst

Visitor and GGR recovery underpin market share gains and successful product rollouts at both properties.

Daily property visitation rose 17% year‑on‑year and the Group increased Macau market share to 15.5% from 14.8%. MGM COTAI led with revenue of HK$5.1 billion (up 22%) while MGM MACAU delivered HK$3.4 billion (up 12%), reflecting effective premium product launches such as the Alpha Villas and Alpha Club.

Operational risks include weather interruptions and the need to convert non‑gaming programming into sustained visitation; the release cites cultural and marketing initiatives including the Macau 2049 show and roadshow activity in Lisbon. Monitor sequential market share and daily GGR metrics and the uptake of new premium offerings over the next two to four quarters to assess whether higher margins and guest mix improvements persist.

Record Third Quarter  Adjusted EBITDA Posted 20% Year-on-Year Growth

HONG KONG, Oct. 29, 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 the three months (the "Period") and nine months ended September 30, 2025.

The Group is pleased to see a record third-quarter riding on the recovery of Macau. For the three months ended September 30, Macau saw average daily visitor arrival up by 14% year-on-year to 113,614 surpassed 2019 pre-COVID levels by 5%.

Macau also saw growth of gross gaming revenue (GGR). Industry GGR per day rose 13% year-to-year to MOP680 million for the Period despite casino closure due to typhoons in September. Third quarter GGR recovered to 88% of 2019 levels, up from 83% in the second quarter.

• MGM China continues to grow. Daily property visitation for the Period was up 17% year-on-year. Daily GGR and mass GGR (including slot) were up 20% and 17% respectively from last year.
• Net revenue for the Period grew by 17% year-on-year to HK$8.5 billion. Reported adjusted EBITDA was HK$2.4 billion, rose by 20% from 2024. Both are record high for third quarter.
• Adjusted EBITDA margin improved to 27.9% from 27.4% a year ago, with a mass-focused business and continuous improvement in operational efficiency.
• Third-quarter market share in Macau was 15.5%, up from 14.8% a year ago. MGM COTAI market share was 9.4% and MGM MACAU market share was 6.1%.
• On a property basis, MGM COTAI recorded revenue of HK$5.1 billion for the Period, up by 22% in 2024. Adjusted EBITDA was HK$1.5 billion, up by 23% year-on-year. Adjusted EBITDA margin was 28.5%, compared to 28.1% a year ago.
• MGM MACAU recorded revenue of HK$3.4 billion for the Period, up by 12% in 2024. Adjusted EBITDA was HK$914 million, up by 14% year-on-year. Adjusted EBITDA margin was 26.9%, compared to 26.4% a year ago.
• The Group maintained a healthy financial position. As of September 30, 2025, the Group had a total liquidity of approximately HK$22.3 billion, comprised of cash, cash equivalents and undrawn revolver.

During the Period, Macau 2049, the residency show co-created by MGM and renowned filmmaker Zhang Yimou, was awarded the 2024 Weibo Cultural Tourism IP Award at the 2025 "Weibo Travel Night". The award affirms the recognition in cultural tourism communication, and our support in developing Macau as a base for exchange and cooperation where Chinese culture is the mainstream and diverse cultures coexist.

In September, The Group has participated in the "Experience Macao Roadshow in Lisbon", organized by the Macao Government Tourism Office at Portugal. We jointly showcased Macau's unique appeal as a World Centre of Tourism and Leisure, as well as to foster exchange and cooperation in tourism, culture and commerce between Macau and Portugal.

Back in Macau, MGM China has fully launched the Alpha Villas during the Period, while the Alpha Club also at MGM MACAU was fully opened in late September. Together with completion of other refurbishment projects, MGM MACAU provides an elevated experience especially for premium customers.

Kenneth Feng, President and Executive Director of MGM China said: "We are delighted to see MGM China to have a record third quarter. The Alpha products have been well received by especially high-end customers. We are devoted to understanding our customers and enhancing their stay at our properties.

"We are proud to join Macau's evolution into a diversified tourist destination, including the Macau2049 residency show at MGM COTAI and the Poly MGM Museum at MGM MACAU.

With more non-gaming and entertainment events taking place in Macau, we believe visitors will have many more reasons to visit and continue to drive growth in the Macau market, said Kenneth Feng.

– END –

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 reported Q3 2025 net revenue and adjusted EBITDA?

MGM China reported Q3 2025 net revenue HK$8.5 billion and adjusted EBITDA HK$2.4 billion.

How did Macau visitor numbers perform for MGM China in Q3 2025?

Macau average daily visitors were 113,614 in Q3 2025, up 14% YoY and 5% above 2019.

What market share did MGM China report for Q3 2025 in Macau?

The Group reported a Macau market share of 15.5% for Q3 2025 (MGM COTAI 9.4%, MGM MACAU 6.1%).

How did MGM COTAI and MGM MACAU perform financially in Q3 2025?

MGM COTAI: revenue HK$5.1B (+22%), adj. EBITDA HK$1.5B (+23%); MGM MACAU: revenue HK$3.4B (+12%), adj. EBITDA HK$914M (+14%).

What liquidity position did MGM China report as of Sept 30, 2025?

The Group reported total liquidity of approximately HK$22.3 billion (cash, cash equivalents and undrawn revolver) as of Sept 30, 2025.

Did any events affect MGM China's Q3 2025 operations?

Yes; the company noted typhoon-related casino closures in September which affected operations during the period.