MGM China (2282) H2 2025 earnings summary

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.