MGM China Reports Impressive Third Quarter Results
Record Third Quarter Adjusted EBITDA Shows 20% Year-on-Year Growth
HONG KONG - MGM China Holdings Limited (SEHK Stock Code: 2282) recently shared its notable financial performance for the three months ending September 30, 2025. The report highlights a remarkable recovery in the Macau gaming sector, emphasizing significant growth metrics.
Macau has been witnessing a robust resurgence, with the average daily visitor numbers increasing by 14% year-on-year, reaching an impressive 113,614, surpassing pre-COVID levels by 5%. This uptick in tourism has positively impacted the gaming revenue landscape.
Furthermore, the gross gaming revenue (GGR) for the industry marked a notable increase of 13% from the previous year, averaging MOP680 million daily despite operational challenges posed by typhoons during September. The third quarter GGR recovered to 88% of pre-pandemic levels, which is an encouraging sign for the industry.
Growth Metrics and Financial Highlights
MGM China continues to make strides in growth and operational efficiency. The daily visitation at properties increased by 17% year-on-year. Additionally, the company reported significant gains in gaming revenue: daily GGR rose by 20% and mass GGR, including slots, surged 17% compared to last year.
- For the reported quarter, net revenue reached HK$8.5 billion, reflecting a year-on-year growth of 17%.
- The reported adjusted EBITDA of HK$2.4 billion indicates a substantial increase of 20% from the prior year and sets a new record for MGM China.
- Adjusted EBITDA margins also saw improvement, reaching 27.9%, up from 27.4% a year ago, highlighting a strong mass-focused business and continuous operational advancements.
- MGM China’s market share in Macau grew to 15.5% compared to 14.8% last year, indicating a competitive advantage.
- On a property basis, MGM COTAI reported revenue of HK$5.1 billion, marking a 22% increase from 2024, while MGM MACAU recorded HK$3.4 billion, up by 12%.
Innovative Projects and Community Engagement
During this quarter, the residency show Macau 2049, co-created by MGM and renowned filmmaker Zhang Yimou, earned the 2024 Weibo Cultural Tourism IP Award at the 2025 Weibo Travel Night. This accolade signifies the dedication of MGM China to fostering cultural tourism and evolving cinema, enhancing Macau's status as a cultural hub.
In September, MGM China actively participated in the “Experience Macao Roadshow” in Lisbon, which was organized by the Macao Government Tourism Office. This initiative aimed to promote Macau as a premier destination for tourism and leisure, nurturing international tourism partnerships.
Meanwhile, the launch of Alpha Villas and the opening of the Alpha Club at MGM MACAU have provided an upgraded experience for visitors, particularly targeting premium clientele. The company is clearly focused on enhancing guest experiences through continual investment and innovation.
Leadership Insights
Kenneth Feng, President and Executive Director of MGM China, expressed enthusiasm about the company’s record-setting third quarter. He noted, "The Alpha products have been exceptionally well received, and we remain committed to understanding and improving our guests' experiences at our properties."
Moreover, Kenneth concluded that with a growing variety of non-gaming and entertainment events, Macau is evolving as a diverse tourist destination. He believes these developments will continue to bring visitors and boost growth within the sector.
About MGM China Holdings Limited
MGM China Holdings Limited (SEHK: 2282) is a prominent developer, owner, and operator of gaming and lodging resorts throughout the Greater China region. The company oversees MGM Grand Paradise, SA, which manages casino operations in Macau, including the acclaimed MGM MACAU and MGM COTAI venues. MGM Grand Paradise is pivotal in enhancing Macau's reputation as a luxury destination.
The company is predominantly owned by MGM Resorts International (NYSE: MGM), a global leader in hospitality with a portfolio featuring famous brands such as Bellagio, ARIA, and Mandalay Bay. For more company insights, please visit MGM Resorts' official website.
Frequently Asked Questions
What were the key financial highlights for MGM China in Q3 2025?
MGM China reported a net revenue of HK$8.5 billion, with adjusted EBITDA of HK$2.4 billion, marking a 20% growth year-on-year.
How did MGM China's visitor numbers perform in Q3?
Daily visitor numbers increased by 14% year-on-year, reaching 113,614, exceeding pre-COVID average levels.
What awards did MGM China's residency show win?
The residency show Macau 2049 received the 2024 Weibo Cultural Tourism IP Award, recognizing its impact on cultural tourism.
What investments did MGM China make to enhance guest experiences?
MGM China launched Alpha Villas and opened the Alpha Club at MGM MACAU, focusing on premium experiences for visitors.
What is MGM China’s market share in Macau?
MGM China's market share in Macau is currently 15.5%, an increase from 14.8% from the previous year.
