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MGM China (2282) investor relations material

MGM China H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary7 Aug, 2025

Executive summary

  • Operating revenue reached a record HK$16,661.0 million for the six months ended June 30, 2025, up 2.7% year-over-year, driven by premium mass market strength despite intense competition in Macau.

  • Adjusted EBITDA remained stable at HK$4,879.2 million, with a slight decrease from the prior year.

  • Profit attributable to owners was HK$2,383.3 million, down 11.3% year-over-year due to higher operating costs and net foreign currency loss.

  • Interim dividend of HK$0.313 per share declared, totaling HK$1,189.4 million and representing 49.9% of attributable profit.

  • Market share held at 16.2% despite intensified competition in Macau.

Financial highlights

  • Casino revenue increased 3.1% to HK$14,596.7 million year-over-year; other revenue rose 0.4% to HK$2,064.3 million.

  • Main floor gross table games win grew 2.1% to HK$15,074.0 million; VIP gross table games win up 2.7% to HK$2,440.0 million.

  • Slot machine gross win decreased 0.9% to HK$1,087.9 million.

  • Earnings per share: Basic HK62.8 cents, Diluted HK62.5 cents, both down from last year.

  • Operating profit was HK$3,383.0 million, down from HK$3,522.3 million.

Outlook and guidance

  • Optimism for long-term Macau growth due to infrastructure improvements, government support, and rising tourism.

  • Continued focus on premium mass market, international tourism, and non-gaming offerings to drive future growth.

  • Ongoing investment in property enhancements and diversified entertainment to drive visitation.

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Frequently asked questions

MGM China Holdings Limited is a Macau-based company specializing in the development, ownership, and operation of casino resorts. The company operates integrated resorts that offer a combination of gaming facilities, luxury accommodations, dining, retail, and entertainment options. The company is headquartered in Macau, China, and its shares are listed on the Hong Kong Stock Exchange.

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