In the wake of another record-breaking quarter for MGM China in Macau, financial research firm CreditSights said Monday that it expects the company’s profit margin to show further growth in 2026 due to the impending completion of 60 new suites at MGM COTAI.
MGM China reported Friday a 30% year-on-year increase in Adjusted EBITDA in 4Q25 thanks to the incredibly strong performance of the Cotai property, where EBITDA was up 55% compared with the same period in 2024. EBITDA margin of 28.6% also represented improvement from 26.8% in 4Q25 and from 27.9% in 3Q25.
Despite this, CreditSights – a Fitch company – is predicting further improvement from the completion of its suite conversion efforts, which will see MGM COTAI convert around 160 standard rooms into 60 suites with a view to further capitalizing on the premium mass customer segment.
“We project a mid-single-digit year-on-year increase in MGM China’s topline in FY26, based on an assumed low-single-digit year-on-year increase in the overall market GGR and the company’s expected maintenance of a mid-teens market share,” said CreditSights analysts Nicholas Chen and David Bussey.
“Meanwhile, we expect a slight uplift to the company’s profitability margin from the completion of its suite conversion efforts (expected in 1Q26) in FY26, and for EBITDA to also grow by mid-single-digit year-on-year.”
CreditSights said it maintains its “Outperform” recommendation on MGM China post its “decent 4Q25 results” with the company remaining its top pick among Macau operators for 1H26.
