MGM China (2282) H1 2025 earnings summary

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 approximately HK$4.9 billion, while profit attributable to owners declined 11.3% to HK$2,383.3 million due to higher costs and net foreign currency loss.

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

• The company maintained a 16.2% overall gaming market share, with main floor and VIP table games win both increasing, but slot machine win slightly decreasing.

Financial highlights

• Casino revenue rose 3.1% to HK$14,596.7 million; other revenue increased 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: HK62.8 cents basic, HK62.5 cents diluted, both down from prior year.

• Staff costs increased 8.8% to HK$2,480.3 million; depreciation and amortization rose 9.4% to HK$1,007.8 million.

Outlook and guidance

• Management remains optimistic about Macau's long-term growth, citing infrastructure improvements, government support, and rising visitation.

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