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MGM China (2282) investor relations material
MGM China H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Operating revenue reached a record HK$34,787.5 million for 2025, up 10.8% year-over-year, driven by premium mass market strength.
Adjusted EBITDA hit a record HK$10.0 billion, up 10.4% from 2024.
Profit attributable to owners rose 10.2% to HK$5,074.8 million.
Overall gaming market share increased to 16.1% from 15.8% in 2024.
Financial highlights
Casino revenue grew 11.7% to HK$30,471.8 million; other revenue rose 5.2% to HK$4,315.7 million.
Operating profit increased to HK$6,709.2 million from HK$6,156.4 million.
Basic EPS was HK133.5 cents, up from HK121.1 cents; diluted EPS was HK132.9 cents.
Gearing ratio improved to 81.0% from 97.0% as net debt declined.
Net cash from operating activities was HK$8,737.7 million.
Outlook and guidance
Management remains optimistic about Macau’s long-term prospects, citing infrastructure improvements and supportive government policies.
Continued focus on premium mass market, non-gaming diversification, and international tourism.
- Record revenue and stable EBITDA, but profit fell 11% amid higher costs and FX losses.2282
H1 20255 Dec 2025 - Record EBITDAR and 17% revenue growth driven by strong main floor gaming and high occupancy.2282
Q3 20255 Dec 2025 - Record Q3 revenue and EBITDAR driven by gaming recovery and a $200M special dividend.2282
Q3 20245 Dec 2025 - Revenue and profit soared in H1 2024, supporting special dividends and share buybacks.2282
H1 20245 Dec 2025 - Q1 2025 revenue fell 3% year-over-year to $1.0B, driven by softer main floor gaming.2282
Q1 20256 Jun 2025 - Revenue and profit surged on Macau's recovery, with strong cash flow and expanded non-gaming offerings.2282
H2 20246 Jun 2025
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Next MGM China earnings date
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