MGM China (2282) Q1 2026 earnings summary

Executive summary

• Net revenues for the first quarter ended March 31, 2026, reached $1.1 billion, up 9% year-over-year from $1.0 billion.

• Segment Adjusted EBITDAR was $273 million, a 4% decrease compared to $286 million in the prior year quarter.

• Intercompany branding license fee expense increased by $23 million due to a new long-term branding agreement.

Financial highlights

• MGM Macau revenue rose to HK$3,436.5 million from HK$3,152.0 million year-over-year; MGM Cotai revenue increased to HK$5,330.2 million from HK$4,841.7 million.

• Total Adjusted EBITDA for both properties was HK$2,457.7 million, up from HK$2,367.8 million year-over-year.

• Casino revenue for the quarter was $977 million, up 9% from $896 million in the prior year.

Segment performance

• MGM Macau main floor table games win increased to HK$3,576.8 million, with win percentage rising to 25.1% from 21.5%.

• MGM Cotai main floor table games win grew to HK$4,834.6 million, with win percentage stable at 28.8%.

• Main floor table games drop at MGM Cotai rose 13% year-over-year, while VIP table games turnover declined.

• Slot machine handle and gross win increased at both properties, with slot hold percentages improving.