MGM China recorded its highest ever Adjusted EBITDA in the June 2025 quarter, continuing its recent run of success as the company’s Macau market share hit 16.6%.
According to information released by parent company MGM Resorts International early Thursday (Macau time), MGM China recorded a 3% year-on-year increase in Adjusted EBITDA to HK$2.51 billion (US$320 million) in Q2, aided by a 9% rise in total revenues to HK$8.67 billion (US$1.10 billion). EBITDA margin grew by around 172bps to 28.9%.
Flagship resort MGM Cotai was the standout performer, with revenues rising by 12% to HK$5.28 billion (US$673 million) and Adjusted EBITDA by 5% to HK$1.46 billion (US$186 million). While all gaming segments enjoyed growth, it was VIP table games that saw the largest surge – and by some margin – with turnover up 39% year-on-year to HK$32.7 billion (US$4.17 billion) and gross win almost doubling to HK$1.13 billion (US$144 million).
At peninsula property MGM Macau, total revenue grew by 4% year-on-year to HK$3.38 billion (US$431 million) although Adjusted EBITDA was lower by a little under 1% to HK$975.7 million (US$124 million).
While MGM Cotai enjoyed significant growth in VIP, MGM Macau went in the other direction with VIP table games turnover down 35% to HK$5.40 billion (US$688 million) with gross win of HK$158.5 million (US$20.2 million). Slot handle was largely inline year-on-year although mass table turnover was up 4% to HK$14.8 billion (US$1.89 billion) and gross win by 11% to HK$3.27 billion (US$417 million).
The performance of its Macau operations helped US-based parent MGM Resorts achieve record consolidated net revenues of US$4.4 billion in 2Q25, while consolidated Adjusted EBITDA grew by 2% to US$648 million. Net income was US$49 million.
“MGM Resorts’ operational scale and diversity delivered solid growth in the second quarter, with consolidated results increasing year over year,” said CEO and President Bill Hornbuckle.
“This performance was driven by accelerating EBITDA growth at the BetMGM venture and record results out of our Regional Operations as well as MGM China. Our outlook on the business remains bright.”
