MGM China Reports 2026 First Quarter Results

Rhea-AI Summary

MGM (HKEx:2282) reported Q1 2026 results: net revenue HK$8.8 billion (+10% YoY) and adjusted EBITDA HK$2.5 billion (+4% YoY) with a 28.0% adjusted EBITDA margin. Daily mass GGR rose 19% YoY to a historical high, while Macau visitor arrivals averaged 124,599 (up 14% YoY). Liquidity approximately HK$25 billion.

By property: MGM COTAI revenue HK$5.3 billion; MGM MACAU revenue HK$3.4 billion. Management highlighted product upgrades and dining expansion in Macau.

Positive

• Net revenue +10% YoY to HK$8.8 billion
• Adjusted EBITDA +4% YoY to HK$2.5 billion
• Daily mass GGR +19% YoY to a historical high
• Total liquidity approximately HK$25 billion
• Average occupancy 93.9% during the period

Negative

• Adjusted EBITDA margin down to 28.0% from 29.6% (25Q1)
• VIP hold fell to 2.5% from 3.5% year‑on‑year
• Overall GGR marketshare declined to 15.4% from 15.7%
• VIP marketshare dropped to 10.2% from 15.4% (25Q1)

News Market Reaction – MGM

-0.84%

1 alert

-0.84% News Effect

On the day this news was published, MGM declined 0.84%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

MGM China net revenue: HK$8.8 billion Adjusted EBITDA: HK$2.5 billion Adjusted EBITDA margin: 28.0% +5 more

8 metrics

MGM China net revenue HK$8.8 billion Three months ended March 31, 2026; up 10% year-on-year

Adjusted EBITDA HK$2.5 billion Three months ended March 31, 2026; up 4% year-on-year

Adjusted EBITDA margin 28.0% Period vs 29.6% in 25Q1

MGM COTAI revenue HK$5.3 billion Three months ended March 31, 2026; up 10% year-on-year

MGM COTAI Adjusted EBITDA HK$1.6 billion Three months ended March 31, 2026; up 11% year-on-year

MGM MACAU Adjusted EBITDA HK$832 million 25Q1: HK$903 million

Total liquidity HK$25 billion As of March 31, 2026; cash plus undrawn credit facilities

Average occupancy 93.9% Period vs 93.3% in 25Q1

Market Reality Check

Price: $38.50 Vol: Volume 6,560,986 vs 20-da...

high vol

$38.50 Last Close

Volume Volume 6,560,986 vs 20-day average 4,059,192 (relative volume 1.62x), indicating elevated trading ahead of the MGM China update. high

Technical Shares at $39.27 trade 4.08% below the 52-week high of $40.94 and above the 200-day MA of $35.59, reflecting a generally strong longer-term trend.

Peers on Argus

MGM fell 1.18% with strong MGM China Q1 metrics, while peers were mixed: BYD (-0...

1 Down

MGM fell 1.18% with strong MGM China Q1 metrics, while peers were mixed: BYD (-0.23%), CZR (-0.87%), MTN (-3.14%), MLCO (-1.26%). Only RRR showed notable momentum (-6.26%), suggesting today’s move was more stock-specific than a broad Resorts & Casinos trade.

Common Catalyst RRR also reported first-quarter 2026 results, pointing to an earnings-driven news cycle for parts of the casino group.

Historical Context

5 past events · Latest: Apr 21 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 21	Lease agreement	Positive	+0.3%	VICI and Clairvest enter new triple-net lease for MGM Northfield Park.
Apr 21	Asset sale	Positive	+0.3%	MGM closes $546 million sale of MGM Northfield Park operations for cash.
Apr 15	Sponsorship deal	Positive	+4.4%	Tito’s Handmade Vodka becomes official venue sponsor of T-Mobile Arena.
Apr 14	Business update	Neutral	-0.1%	BetMGM reports Q1 2026 revenue growth and reiterates full-year EBITDA guidance.
Apr 07	Conference notice	Neutral	+0.8%	Announcement of upcoming BetMGM Q1 2026 update and investor webcast.

Pattern Detected

Across the last five news items, MGM’s 24-hour price reaction consistently aligned with the underlying tone of each announcement.

Recent Company History

Recent disclosures show a focus on portfolio reshaping, partnerships, and digital growth. On Apr 21, 2026, MGM closed the $546 million sale of MGM Northfield Park operations and amended its VICI master lease, alongside a new $53 million Northfield Park lease for Clairvest. Earlier in April, BetMGM reported Q1 2026 net revenue of $696 million and reiterated full-year guidance, while T-Mobile Arena signed Tito’s as official venue sponsor. Today’s MGM China Q1 update adds Macau operating momentum to this narrative.

Market Pulse Summary

This announcement highlights MGM China’s continued recovery, with net revenue of HK$8.8 billion, Adj...

Analysis

This announcement highlights MGM China’s continued recovery, with net revenue of HK$8.8 billion, Adjusted EBITDA of HK$2.5 billion, and occupancy of 93.9%, alongside record mass‑market GGR. Offsetting positives, margins ticked down and VIP hold and market share softened. In the broader context of MGM’s recent SEC filings and asset sales, investors may watch Macau profitability, mix between mass and VIP, and future property investments as key metrics.

Key Terms

gross gaming revenue, ggr, adjusted ebitda, marketshare

4 terms

gross gaming revenue technical

"Gross gaming revenue (GGR) in Macau rose by 14% year-on-year"

Gross gaming revenue is the total amount players lose to a gambling operator over a period, calculated as all bets placed minus the winnings paid back to players. For investors, it shows how much money the gaming business actually retains before paying operating costs, taxes and marketing—like a store's sales before expenses—and is a key indicator of growth, profitability potential and exposure to regulatory or tax changes.

ggr technical

"Gross gaming revenue (GGR) in Macau rose by 14% year-on-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.

adjusted ebitda financial

"Adjusted EBITDA grew 4% year-on-year to HK$2.5 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.

marketshare technical

"MGM China saw overall GGR marketshare at 15.4% (25Q1: 15.7%)."

Market share is the portion of total sales in a particular market that a company captures, usually expressed as a percentage — like the slice of a pie that belongs to one baker. It matters to investors because a larger or growing share often signals competitive strength, pricing power and potential for higher profits, while a shrinking share can warn of customer loss or weakening business prospects.

AI-generated analysis. Not financial advice.

Revenue up 10% Year-on-Year
Daily Mass GGR rose 19% Year-on-Year Reached New High

HONG KONG, April 29, 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 three months ended March 31, 2026 (the "Period").

The Group is pleased to see Macau's average daily visitor arrival in the first quarter up 14% year-on-year to 124,599. Gross gaming revenue (GGR) in Macau rose by 14% year-on-year, with daily GGR reaching a post-pandemic high.

• MGM China saw net revenue up 10% year-on-year to HK$8.8 billion. Daily total GGR grew 13% year-on-year, and daily mass GGR (including slot) surged 19% to historical high.

• Adjusted EBITDA grew 4% year-on-year to HK$2.5 billion. The Group saw VIP hold percentage at 2.5%, compared with 3.5% a year ago. Adjusted EBITDA margin for the Period was 28.0% (25Q1: 29.6%).

• By property, MGM COTAI saw revenue up by 10% year-on-year to HK$5.3 billion. Adjusted EBITDA rose 11% to HK$1.6 billion. Adjusted EBITDA margin gained 20 basis points to 30.5%. VIP hold was 3.4% (25Q1: 3.4%).

• MGM MACAU's revenue was up by 9% year-on-year to HK$3.4 billion. Adjusted EBITDA was HK$832 million (25Q1: HK$903 million). VIP hold was 0.6% (25Q1: 4.2%).

• MGM China saw overall GGR marketshare at 15.4% (25Q1: 15.7%). Estimated Mass (including slot) marketshare grew to 16.2%, (25Q1: 15.8%) and VIP marketshare was 10.2% (25Q1: 15.4%).

• Average occupancy was 93.9% for the Period (25Q1: 93.3%).

• MGM China maintained a healthy financial position. As of March 31, 2026, the Group had total liquidity of approximately HK$25 billion, comprised of bank balances and cash and available undrawn credit facilities.

During the Period, MGM China is again recognized with seven Five-Star Awards from Forbes Travel Guide, reaffirming our unwavering commitment to delivering exceptional guest experiences. This year marks a milestone as MGM MACAU earns its 11th consecutive Five-Star rating, while Tria Spa at both MGM MACAU and MGM COTAI receives the accolade for the seventh consecutive year. In addition, Emerald Tower, Skylofts, Five Foot Road at MGM COTAI, and Imperial Court at MGM MACAU, have each been honored with Five-Star recognition for the fifth consecutive year, underscoring MGM's consistent excellence across accommodation, wellness, and dining.

In February, the Group celebrated the opening of the renowned Singapore dining brand Chatterbox Café at MGM MACAU, its first Macau outpost. With a legacy spanning over five decades, Chatterbox is rooted in classic Singaporean cuisine and has grown into a highly recognized culinary brand across Asia, distinguished by blending authentic flavors and contemporary culinary skills. By bringing this emblematic international brand to Macau, MGM not only expands the city's dining diversity for both locals and visitors, but also further elevates Macau's global culinary landscapes, strengthening the city's reputation as a UNESCO Creative City of Gastronomy.

The Group also continues to invest in its competitive advantages to support future growth. MGM COTAI has recently completed the suite conversion and refurbishment of premium gaming area. The Prime Wellness Suites include approximately 60 keys and opened before the May Golden Week.

Kenneth Feng, Chief Executive Officer of MGM China said: "Our outstanding performance demonstrates our deep understanding of customers and focus on what they truly want. It also honors our team's commitment and effort in improving products and service levels as well as crafting compelling experiences for our guests."

The Group plans to renovate the hotel suites at MGM MACAU, to ensure the offerings stay fresh and along with evolving customer taste, 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 bringing more unique and integrated experiences to our customers, to develop Macau into a global and diversified tourist destination through our concession commitments," 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.

View original content:https://www.prnewswire.com/news-releases/mgm-china-reports-2026-first-quarter-results-302758037.html

SOURCE MGM China

FAQ

What were MGM's Q1 2026 revenue and adjusted EBITDA (HKEx:2282)?

MGM reported Q1 2026 net revenue of HK$8.8 billion and adjusted EBITDA of HK$2.5 billion. According to the company, revenue rose 10% year‑on‑year while adjusted EBITDA increased 4% year‑on‑year.

How did MGM's daily mass GGR perform in Q1 2026 (MGM)?

Daily mass GGR increased 19% year‑on‑year to a historical high. According to the company, that surge was a key driver of revenue growth amid stronger Macau visitor arrivals.

What liquidity position did MGM China report at March 31, 2026 (symbol MGM)?

MGM reported approximately HK$25 billion of available liquidity as of March 31, 2026. According to the company, this comprises cash, bank balances and undrawn credit facilities.

Did MGM's adjusted EBITDA margin improve or decline in Q1 2026 (HKEx:2282)?

Adjusted EBITDA margin declined to 28.0% from 29.6% in Q1 2025. According to the company, margin compression occurred despite higher revenue and EBITDA in absolute terms.

How did VIP metrics affect MGM's Q1 2026 results (MGM)?

VIP hold fell to 2.5% (from 3.5% a year earlier) and VIP marketshare dropped to 10.2%. According to the company, lower VIP hold reduced VIP segment profitability versus prior year.

What property-level trends did MGM report for MGM COTAI and MGM MACAU in Q1 2026?

MGM COTAI revenue rose to HK$5.3 billion with adjusted EBITDA of HK$1.6 billion; MGM MACAU revenue was HK$3.4 billion with adjusted EBITDA HK$832 million. According to the company, COTAI saw stronger margin expansion.