MGM China Reports 2026 Third-Quarter Results

MGM MACAU's adjusted EBITDA declined despite higher revenue, while MGM COTAI reported increases in both measures.

Rhea-AI Summary

MGM China (2282) reported third-quarter 2026 revenue of approximately HK$8.9 billion, up 5% year-on-year, setting a third-quarter record. Adjusted EBITDA, an adjusted earnings measure, also reached a third-quarter record at approximately HK$2.4 billion. Market share reached a record 17.1%, while occupancy rose to 94.1% from 93.5% a year earlier.

MGM COTAI revenue was approximately HK$5.4 billion versus HK$5.1 billion, with adjusted EBITDA of approximately HK$1.52 billion versus HK$1.46 billion. MGM MACAU revenue was approximately HK$3.5 billion versus HK$3.4 billion, but adjusted EBITDA fell to approximately HK$865 million from HK$914 million. Liquidity totaled approximately HK$25.6 billion at September 30, including cash and undrawn revolving credit. October Golden Week property visitation rose 10% year-on-year. Renovation of approximately 100 MGM MACAU suites has begun following MGM COTAI's suite conversion earlier this year.

12 points · 0 major

PositiveiHow this balance works

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0 major · 1 point

How the balance works

Positive

• Moderate pointThird-quarter revenue rose 5% year-on-year to approximately HK$8.9 billion, a third-quarter record.
• Moderate pointAdjusted EBITDA reached approximately HK$2.4 billion, a third-quarter record.
• Moderate pointMarket share reached a record 17.1%, comprising MGM COTAI's 10.5% and MGM MACAU's 6.6%.
• Moderate pointDaily property visitation rose 10% year-on-year in the third quarter.
• Moderate pointDaily gross gaming revenue increased 5% year-on-year in the third quarter.

7 minor points

• Minor pointMass gross gaming revenue, including slots, increased 5% year-on-year in the third quarter.
• Minor pointOccupancy rose to 94.1% from 93.5% in the prior-year quarter.
• Minor pointMGM COTAI revenue increased to approximately HK$5.4 billion from HK$5.1 billion in third-quarter 2025.
• Minor pointMGM COTAI adjusted EBITDA increased to approximately HK$1.52 billion from HK$1.46 billion in third-quarter 2025.
• Minor pointMGM MACAU revenue increased to approximately HK$3.5 billion from HK$3.4 billion in third-quarter 2025.
• Minor pointOctober Golden Week property visitation increased 10% year-on-year.
• Minor pointApproximately 100 MGM MACAU suites are undergoing renovation following MGM COTAI's suite conversion earlier this year.

Negative

• Minor pointMGM MACAU adjusted EBITDA fell to approximately HK$865 million from HK$914 million in third-quarter 2025.

Key Figures

Revenue: approximately HK$8.9 billion Adjusted EBITDA: approximately HK$2.4 billion Market share: 17.1% +4 more

Revenue

approximately HK$8.9 billion

Third quarter 2026; up 5% year-on-year

Adjusted EBITDA

approximately HK$2.4 billion

Third quarter 2026; an all-time third-quarter high

Market share

17.1%

Group record

Daily property GGR

up 5%

Year-on-year

Mass GGR

up 5%

Year-on-year; includes slot operations

Occupancy

94.1%

Third quarter 2026; versus 93.5% in the prior-year period

Total liquidity

approximately HK$25.6 billion

As of September 30, 2026; includes bank balances, cash and undrawn revolver

Key Terms

ggr, adjusted ebitda

2 terms

ggr financial

"Daily gross gaming revenue ("GGR") reached MOP655 million"

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

"The Group reported adjusted EBITDA of approximately HK$2.4 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.

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  Revenue and Adjusted EBITDA Set New Third-Quarter Records

Market Share Reaches Historic High of 17.1%

HONG KONG, Oct. 28, 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 (the "Period") and nine months ended September 30, 2026.

During the period, Macau witnessed sustained growth in tourist arrivals, welcoming an average of 122,139 visitors daily, an 8% increase year-on-year. Daily gross gaming revenue ("GGR") reached MOP655 million, down 4% from last year, due to the temporary impact of the World Cup tournaments on the broader market.

• MGM China continued to outperform the industry. Daily visitation across the Company's properties rose by 10% year-on-year, while daily GGR surged 5% compared to the same period last year. Notably, Mass GGR (including slot operations) also achieved a 5% year-on-year increase, reflecting the Company's strong positioning in high-value segments.
• Revenue for the Period grew by 5% year-on-year to approximately HK$8.9 billion. The Group reported adjusted EBITDA of approximately HK$2.4 billion. Both revenue and adjusted EBITDA represent all-time highs for any third-quarter period.
• The Group's market share escalated to a new record of 17.1%, with MGM COTAI securing a 10.5% share and MGM MACAU holding 6.6%.
• Occupancy climbed to 94.1% during the Period, up from 93.5% in the prior-year period.
• On a property basis, MGM COTAI generated revenue of approximately HK$5.4 billion for the Period (2025: HK$5.1 billion), and adjusted EBITDA of approximately HK$1.52 billion (2025: HK$1.46 billion). MGM MACAU recorded revenue of approximately HK$3.5 billion for the Period (2025: HK$3.4 billion), and adjusted EBITDA of approximately HK$865 million (2025: HK$914 million).
• The Group maintained a healthy financial position. As of September 30, 2026, the Group had a total liquidity of approximately HK$25.6 billion, comprised of Bank balances and cash and undrawn revolver.

This positive momentum carried into the fourth quarter, with property visitation during the October Golden Week holiday surged by 10% year-on-year.

Kenneth Feng, Chief Executive Officer of MGM China said: "The higher-end market segment continues to drive growth. The positive response to our refurbished products and premium spaces underscores our team's deep understanding of the Macau market and our ability to anticipate our customers' evolving tastes."

Following the suite conversion at MGM COTAI earlier this year, the Group has commenced the renovation project of approximately 100 suites at MGM MACAU.

"This initiative will further optimize our assets to enhance competitiveness and solidify the complementary positioning of our portfolio - establishing MGM MACAU as the premier venue on the Peninsula and MGM COTAI as the preferred destination for premium travelers. We are fully committed to supporting Macau's development into a world-class, 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, and MGM Hospitality Asia Pacific Limited, which conducts its hospitality business through its wholly owned subsidiary MGM Hospitality Group (Asia Pacific) Limited and its subsidiaries. MGM Grand Paradise 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. For more information about MGM China Holdings Limited, please visit the Company's website at https://en.mgmchinaholdings.com/.

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, please visit the Company's website at www.mgmresorts.com.

View original content:https://www.prnewswire.com/news-releases/mgm-china-reports-2026-third-quarter-results-302922806.html

SOURCE MGM China

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were MGM China's third-quarter 2026 revenue and adjusted EBITDA?

MGM China reported revenue of approximately HK$8.9 billion and adjusted EBITDA of approximately HK$2.4 billion. Revenue increased 5% year-on-year, and both measures reached records for a third-quarter period.

What market share did MGM China reach in the third quarter of 2026?

MGM China reached a record 17.1% market share in the third quarter of 2026. MGM COTAI accounted for 10.5%, while MGM MACAU held 6.6%.