MGM China (2282) Q1 2025 earnings summary

Executive summary

• MGM China reported a 3% year-over-year decrease in net revenues to $1.0 billion for Q1 2025, primarily due to lower casino revenue from a decline in main floor table games drop.

• Segment Adjusted EBITDAR fell 5% year-over-year to $286 million, reflecting softer gaming performance.

Financial highlights

• Total revenue under IFRS for Q1 2025 was HK$7,993.7 million, down from HK$8,258.3 million in Q1 2024.

• Adjusted EBITDA for Q1 2025 was HK$2,367.8 million, compared to HK$2,504.7 million in Q1 2024.

• Casino revenue for Q1 2025 was $896 million, a 3% decrease from $920 million in Q1 2024.

Segment performance

• MGM Macau: Revenue decreased to HK$3,152.0 million (Q1 2025) from HK$3,495.1 million (Q1 2024); Adjusted EBITDA dropped to HK$902.5 million from HK$1,133.7 million.

• MGM Cotai: Revenue slightly increased to HK$4,841.7 million from HK$4,763.2 million; Adjusted EBITDA rose to HK$1,465.3 million from HK$1,371.0 million.

• Main floor table games drop at MGM Macau fell 7% year-over-year; at MGM Cotai, it declined 4%.

• Main floor gross table games win at MGM Cotai increased 3% year-over-year, while MGM Macau saw a 14% decrease.