MGM China Reports 2025 Third-Quarter Results
MWN-AI** Summary
MGM China Holdings Limited reported an impressive performance for the third quarter of 2025, showcasing record financial results that highlight the recovery of Macau tourism. For the quarter ending September 30, 2025, the company reported net revenue of HK$8.5 billion, reflecting a 17% year-on-year increase. The adjusted EBITDA reached HK$2.4 billion, marking a significant 20% growth from the previous year. Both figures represented record highs for MGM China during any third quarter.
The rise in revenue is largely attributed to a 14% year-on-year increase in daily visitor arrivals to Macau, now averaging over 113,000 visitors each day, which has surpassed pre-pandemic levels. Gross gaming revenue (GGR) also saw significant growth, with an industry daily GGR increase of 13% year-on-year to approximately MOP680 million. Despite some operational challenges, including temporary casino closures due to typhoons, GGR recovered to 88% of 2019 levels, up from 83% in the second quarter.
At a property level, MGM COTAI and MGM MACAU reported revenues of HK$5.1 billion and HK$3.4 billion, respectively, with notable year-on-year growth of 22% and 12%. In addition, MGM COTAI's adjusted EBITDA margin improved to 28.5%, while MGM MACAU's also showed positive movement at 26.9%. MGM China's market share in Macau increased to 15.5%, up from 14.8% the previous year.
The company also announced ongoing investments in enhancing customer experience, including the launch of the Alpha Villas and Alpha Club, underscoring its commitment to high-end clientele. Kenneth Feng, President and Executive Director of MGM China, emphasized the importance of non-gaming attractions and events to further drive growth in Macau's tourism market.
MWN-AI** Analysis
MGM China Holdings Limited's third-quarter results for 2025 reveal a robust recovery in the Macau gaming and tourism sectors, indicative of a positive trend for the company and its stakeholders. With adjusted EBITDA rising by 20% year-on-year to a record HK$2.4 billion and net revenue increasing by 17% to HK$8.5 billion, these figures highlight MGM's operational efficiency and strategic focus on mass-market gaming. The company also expanded its market share in Macau to 15.5%, signaling growing competitiveness.
Macau's tourism resurgence, evidenced by a 14% rise in average daily visitor arrivals, surpassing pre-pandemic levels, further underscores MGM China's strong positioning. The company's focus on enhancing customer experiences, particularly through the launch of high-end amenities like the Alpha Villas and Alpha Club, caters to a luxury market increasingly driving revenue. The continued success of non-gaming attractions, such as the award-winning Macau 2049 residency show, bolsters MGM's brand appeal beyond gaming, enhancing its reputation as a diversified tourist destination.
From a market perspective, MGM China appears well-positioned for sustained growth, enjoying a solid financial foundation with HK$22.3 billion in liquidity. Investors should consider the company's strategic initiatives catering to both mass and premium markets, as they create additional revenue streams and promote long-term sustainability. Furthermore, ongoing governmental efforts to boost tourism and cultural exchange within Macau complement MGM's operational strategies.
As MGM China expands its offering and enhances operational efficiencies, sentiment for the stock should remain positive. For investors looking at the gaming sector in Asia, MGM China's strong recovery and proactive market positioning make it a favorable option in the broader tourism and hospitality landscape. However, continuous monitoring of macroeconomic factors and potential regulatory changes in Macau remains essential.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PR Newswire
Record Third Quarter Adjusted EBITDA Posted 20% Year-on-Year Growth
HONG KONG, Oct. 29, 2025 /PRNewswire/ -- MGM China Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the "Group") for the three months (the "Period") and nine months ended September 30, 2025.
The Group is pleased to see a record third-quarter riding on the recovery of Macau. For the three months ended September 30, Macau saw average daily visitor arrival up by 14% year-on-year to 113,614 surpassed 2019 pre-COVID levels by 5%.
Macau also saw growth of gross gaming revenue (GGR). Industry GGR per day rose 13% year-to-year to MOP680 million for the Period despite casino closure due to typhoons in September. Third quarter GGR recovered to 88% of 2019 levels, up from 83% in the second quarter.
- MGM China continues to grow. Daily property visitation for the Period was up 17% year-on-year. Daily GGR and mass GGR (including slot) were up 20% and 17% respectively from last year.
- Net revenue for the Period grew by 17% year-on-year to HK$8.5 billion. Reported adjusted EBITDA was HK$2.4 billion, rose by 20% from 2024. Both are record high for third quarter.
- Adjusted EBITDA margin improved to 27.9% from 27.4% a year ago, with a mass-focused business and continuous improvement in operational efficiency.
- Third-quarter market share in Macau was 15.5%, up from 14.8% a year ago. MGM COTAI market share was 9.4% and MGM MACAU market share was 6.1%.
- On a property basis, MGM COTAI recorded revenue of HK$5.1 billion for the Period, up by 22% in 2024. Adjusted EBITDA was HK$1.5 billion, up by 23% year-on-year. Adjusted EBITDA margin was 28.5%, compared to 28.1% a year ago.
- MGM MACAU recorded revenue of HK$3.4 billion for the Period, up by 12% in 2024. Adjusted EBITDA was HK$914 million, up by 14% year-on-year. Adjusted EBITDA margin was 26.9%, compared to 26.4% a year ago.
- The Group maintained a healthy financial position. As of September 30, 2025, the Group had a total liquidity of approximately HK$22.3 billion, comprised of cash, cash equivalents and undrawn revolver.
During the Period, Macau 2049, the residency show co-created by MGM and renowned filmmaker Zhang Yimou, was awarded the 2024 Weibo Cultural Tourism IP Award at the 2025 "Weibo Travel Night". The award affirms the recognition in cultural tourism communication, and our support in developing Macau as a base for exchange and cooperation where Chinese culture is the mainstream and diverse cultures coexist.
In September, The Group has participated in the "Experience Macao Roadshow in Lisbon", organized by the Macao Government Tourism Office at Portugal. We jointly showcased Macau's unique appeal as a World Centre of Tourism and Leisure, as well as to foster exchange and cooperation in tourism, culture and commerce between Macau and Portugal.
Back in Macau, MGM China has fully launched the Alpha Villas during the Period, while the Alpha Club also at MGM MACAU was fully opened in late September. Together with completion of other refurbishment projects, MGM MACAU provides an elevated experience especially for premium customers.
Kenneth Feng, President and Executive Director of MGM China said: "We are delighted to see MGM China to have a record third quarter. The Alpha products have been well received by especially high-end customers. We are devoted to understanding our customers and enhancing their stay at our properties.
"We are proud to join Macau's evolution into a diversified tourist destination, including the Macau2049 residency show at MGM COTAI and the Poly MGM Museum at MGM MACAU.
With more non-gaming and entertainment events taking place in Macau, we believe visitors will have many more reasons to visit and continue to drive growth in the Macau market, said Kenneth Feng.
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About MGM China Holdings Limited
MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles our presence in Macau.
MGM China is majority owned by MGM Resorts International (NYSE: MGM) one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, ARIA, MGM Grand, Mandalay Bay and Park MGM. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.
SOURCE MGM China
FAQ**
How does the 20% year-on-year growth in adjusted EBITDA for MGM China Holdings Ltd. ADR MCHVY reflect on its competitive position in the Macau gaming market amidst increasing visitor arrivals?
Considering the record third-quarter results, what strategic initiatives is MGM China Holdings Ltd. ADR MCHVY pursuing to sustain its market share growth, particularly in the mass gaming segment?
With the Group's market share increasing to 15.5%, how does MGM China Holdings Ltd. ADR MCHVY plan to leverage this momentum to enhance its non-gaming offerings and attract diverse tourism to Macau?
In light of the cultural tourism recognition received for the Macau 20residency show, how does MGM China Holdings Ltd. ADR MCHVY intend to further integrate cultural events into its business model to drive future growth?
**MWN-AI FAQ is based on asking OpenAI questions about MGM China Holdings Ltd. ADR (OTC: MCHVY).
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