MGM China continued its upward trend in the three months to 31 March 2026, with total revenues rising 9.7% year-on-year to HK$8.77 billion (US$1.12 billion) and Adjusted EBITDA rising 3.8% to HK$2.46 billion (US$314 million).
The update formed part of parent company MGM Resorts International’s 1Q26 results release, which saw the Las Vegas-based group report record Q1 consolidated net revenues of US$4.5 billion, which it contributed to the performance of MGM China and online arm MGM Digital.
Notably, while total Adjusted EBITDA at its Macau properties was up, MGM reported a 4% decline in Adjusted EBITDAR – a metric that also includes rent or lease expenses – to US$273 million, down from US$286 million a year earlier.
The company explained in its 1Q26 earnings call that this was due to the March quarter being the first in which a new branding license fee agreement between MGM Resorts and MGM China came into effect, with the fee increased from 1.75% to 3.5% of revenue. As a result, MGM China paid its parent company US$41 million for use of the MGM name, US$23 million more than the US$18 million it paid in 1Q25.
MGM China’s 1Q26 results, which included an 18% year-on-year increase in mass table win, saw growth across both Macau properties.
At MGM COTAI, total net revenue grew 10.1% to HK$5.33 billion (US$680 million) despite a decline in VIP table games turnover and win. Adjusted EBITDA grew by 10.1% to HK$1.63 billion (US$208 million).
AT MGM MACAU, total net revenue was up 9.0% to HK$3.44 billion (US$439 million) although Adjusted EBITDA fell by 7.9% to HK$831.5 million (US$106 million). The property saw volume growth across all segment but was hurt by an incredibly low 0.6% win rate in VIP table games, which saw VIP win plummet by 71.7% to HK$74.3 million (US$9.48 million) despite volume almost doubling to HK$11.5 billion (US$1.47 billion).
MGM China said its EBITDAR margin for the quarter fell from 27.8% a year ago to 24.4% in 1Q26.
Compared with the December 2025 quarter, MGM China’s total net revenue fell 8.8% quarter-on-quarter while Adjusted EBITDAR declined 10.7%. The company previously reported EBITDAR margin of 27.0% in 4Q25.
