Growth in EBITDA, gaming revenue, and events underscores strong post-pandemic momentum
Record-Breaking Financial Performance
MGM China has announced its highest ever quarterly adjusted EBITDA, reaching HK$2.5bn (US$319m) for the second quarter of 2025. This figure reflects a 6.1% increase compared to Q1 and a 4.2% rise year-on-year. Net revenue also climbed to HK$8.7bn, marking an 8.75% improvement.
Daily gross gaming revenue (GGR) rose 12% year-on-year to MOP111.2m (US$13.8m), significantly outpacing the broader Macau market’s 8% growth, which averaged MOP671.6m per day.
Visitation and Occupancy Surge
MGM China’s strong Q2 results were buoyed by increased visitation, which rose 12% compared to Q2 2024 and reached 175% of pre-pandemic (2019) levels. Hotel operations also flourished, with group-wide occupancy averaging an impressive 94.5%.
This surge reflects both sustained domestic demand and the gradual recovery of international tourism in Macau.
Market Share Expansion and Property Highlights
The operator strengthened its Macau market share to 16.6%, up from 15.7% in Q1 2025 and 16.0% in Q2 2024.
MGM COTAI contributed around 10.5%
MGM MACAU added 6.2%
In Q2, MGM completed the Alpha Villas development at MGM MACAU, with all 28 luxury villas opening in July. This expansion is expected to further enhance the property’s high-end offering and VIP appeal.
Cultural Events and Non-Gaming Contributions
Beyond gaming, MGM China continues to diversify with high-profile events, including the MGM x RR1HK Culinary Masters Macau and the MGM Artistic Swimming Elite Extravaganza. These cultural and sporting initiatives align with Macau’s push to become a global tourism hub.
Additionally, the residency show Macau 2049 surpassed its 100th performance in May, receiving accolades from industry associations and boosting the company’s non-gaming revenue streams.
Parent Company and BetMGM Performance
Parent company MGM Resorts International also reported strong Q2 results, with consolidated net revenues rising 2% to $4.4bn. MGM China’s contribution of $1.1bn marked a 9% increase year-on-year.
Meanwhile, the company’s BetMGM joint venture in the US posted robust results, prompting an upgrade in full-year guidance. MGM also repurchased 8 million shares in Q2, reducing outstanding shares by 45% since 2021.
Outlook: Continued Growth Amid Competitive Landscape
MGM China’s record-setting performance demonstrates its successful post-pandemic recovery and growing dominance in Macau’s gaming sector. With strong liquidity (HK$22.5bn), expanded luxury offerings, and strategic cultural engagement, the company is well-positioned to sustain growth into the second half of 2025.
While market competition remains fierce, MGM China’s ability to outperform broader industry trends signals continued operational strength and long-term investor confidence.
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