MGM China Achieves Record Growth in Third-Quarter Financial Results for 2025

MGM China's Impressive Third-Quarter Financial Results for 2025

On October 29, 2025, MGM China Holdings Limited announced outstanding financial results for its third quarter ending September 30, 2025. The company has demonstrated an impressive recovery in the Macau gaming market, surpassing pre-COVID visitor levels and achieving significant growth in gross gaming revenue (GGR).

In the third quarter, Macau experienced a notable 14% increase in average daily visitor arrivals, totaling 113,614, which outstripped the pre-pandemic figures from 2019 by 5%. This surge in tourism has positively impacted the overall gaming industry, with GGR per day rising to MOP680 million, marking a 13% year-on-year increase. Despite temporary setbacks due to typhoons affecting casino operations in September, MGM China's GGR clawed back to 88% of its 2019 levels, up from 83% in the previous quarter.

MGM China continued its growth trajectory, with daily property visitation increasing by 17% compared to the same period last year. Additionally, their daily GGR saw an upswing of 20%, and mass GGR, including slots, climbed by 17%. This impressive performance resulted in a net revenue of HK$8.5 billion for the quarter, representing a remarkable 17% increase year-on-year. Adjusted EBITDA soared to HK$2.4 billion, reflecting a 20% growth over 2024 and achieving record highs for the third quarter.

The adjusted EBITDA margin also improved to 27.9%, an increase from 27.4% in the same period last year, indicating enhanced operational efficiency alongside a mass-focused business strategy. MGM China increased its market share in Macau to 15.5%, up from 14.8%. Notably, MGM COTAI contributed a revenue of HK$5.1 billion, a 22% growth, while MGM MACAU reported revenues of HK$3.4 billion, up by 12% from the previous year.

In addition to financial achievements, MGM China took strides in enriching Macau's cultural landscape. The company’s residency show, Macau 2049, co-created with renowned filmmaker Zhang Yimou, garnered the 2024 Weibo Cultural Tourism IP Award, underscoring the importance of cultural tourism in the region. Such recognition cements MGM China's position as a key player in promoting Macau as a vibrant cultural hub, where diverse cultures can thrive.

Furthermore, MGM China actively participated in the