MGM China has reported another quarterly EBITDAR record, with Adjusted EBITDAR rising 20% year-on-year to a new third quarter high of HK$2.37 billion (US$305 million) according to information from parent company MGM Resorts International.
The Q3 result came on the back of a 20% year-on-year increase in total revenue to HK$8.51 billion (US$1.10 billion), with MGM noting that this was primarily due to an 18% increase in main floor table games drop. Casino revenue was also up 18% to US$947 million.
Compared with the June quarter, Adjusted EBITDAR was down 6% from HK$2.51 billion (US$323 million) while total revenues fell 2% from HK$8.67 billion (US$1.12 billion). The company’s Macau market share also slid from 16.6% in 2Q25 to 15.5% in Q2 – still well above market share of under 10% MGM had regularly reported pre-COVID.
By property, MGM Cotai reported a 22% year-on-year increase in total revenues to HK$5.12 billion (US$659 million) and a 23% rise in Adjusted EBITDAR to HK$1.46 billion (US$188 million) thanks to strong growth in volumes across both the VIP and mass table games segments. VIP turnover was up 44% year-on-year to HK$21.7 billion (US$2.79 billion) with a healthy 4.4% win rate while mass table drop grew by 31% to HK$17.4 billion (US$2.24 billion) with win rate falling from 29.0% in 3Q24 to 26.2%.
At peninsula property MGM Macau, total revenues were up 12% to HK$3.39 billion (US$436 million) and Adjusted EBITDAR by 14% to HK$914.4 million (US$118 million). Despite a significant decline in VIP table games turnover, mass table drop grew by 7% year-on-year to HK$14.5 billion (US$1.87 billion) – further aided by an improved win rate of 23.0% compared with 20.9% a year earlier.
For the first nine months of 2025 combined, MGM China’s total revenues are up 7% to HK$25.2 billion (US$3.24 billion) and Adjusted EBITDAR by 5% to HK$7.25 billion (US$933 million).
In comments accompanying the group’s 3Q25 results, which included a 2% increase in consolidated net revenues for MGM Resorts to US$4.3 billion, CEO and President Bill Hornbuckle was full of praise for the Macau performance, stating, “MGM Resorts delivered another quarter of consolidated net revenue growth as we benefit from our operational scale and diversity, highlighted by record third quarter results from MGM China.”
