MGM China (2282) Q3 2025 earnings summary

Executive summary

• Net revenues for the third quarter ended September 30, 2025, reached HK$8.51 billion, up from HK$7.25 billion year-over-year, driven by strong main floor table games performance at both MGM Macau and MGM Cotai.

• Adjusted EBITDA for the quarter was HK$2.37 billion, an increase from HK$1.98 billion in the prior year period.

• MGM China achieved record third-quarter Segment Adjusted EBITDAR and a market share of 15.5%.

Financial highlights

• MGM Macau revenue for the quarter was HK$3.39 billion, while MGM Cotai contributed HK$5.12 billion.

• Total Adjusted EBITDA for the nine months ended September 30, 2025, was HK$7.25 billion, up from HK$6.93 billion year-over-year.

• Segment Adjusted EBITDAR for the third quarter was $284 million, up 20% from $237 million in the prior year quarter.

• Net revenues for the third quarter were $1.09 billion, a 17% increase from $929 million in the prior year quarter.

Outlook and guidance

• Management highlights continued growth in main floor table games drop and win, supporting positive momentum.