MGM China posts record Q3 revenue of US$1.14bn

MGM China Holdings Ltd recorded a record quarterly net revenue of almost US$1.14 billion for the three months ended 30 September, up 4.6% year‑on‑year. The company’s adjusted EBITDAR for the third quarter fell 7.0% year‑on‑year to US$264.0 million, from US$284.0 million in the same period of 2025.

Business results and market share

The group — according to its US parent, MGM Resorts International — achieved a record quarterly market share of 17.1% in Macau. MGM China operates two resorts: MGM Macau on the peninsula, and MGM Cotai in the Cotai district.

Third‑quarter casino revenue was US$981 million, up 3.6% year‑on‑year. Main floor table drop fell 9.6% year‑on‑year to US$3.68 billion, while main floor table win rose 1.5% to US$1.02 billion. Main floor win rate was 27.7% for the period versus 24.7% a year earlier, the group said.

"MGM China had achieved 5 percent revenue growth and strong market share performance" said Bill Hornbuckle, president and chief executive officer of MGM Resorts International, in prepared remarks accompanying the group’s results.

Accounting variances and intercompany charges

MGM Resorts said intercompany brand licence fees charged to MGM China rose by US$22 million year‑on‑year to US$41 million in the third quarter.

In a separate filing to the Hong Kong Stock Exchange, MGM China reported total third‑quarter revenue of almost HKD8.93 billion (US$1.15 billion), a 4.9% year‑on‑year increase under International Financial Reporting Standards. Adjusted EBITDA was just over HKD2.39 billion, up 0.9% versus the prior year.

MGM Cotai posted revenue growth of 6.0% year‑on‑year to just over HKD5.42 billion, and adjusted EBITDA of HKD1.52 billion, up 4.4%. At MGM Macau, third‑quarter revenue rose 2.3% year‑on‑year to just over HKD3.47 billion, while the property’s adjusted EBITDA fell 5.4% to HKD864.6 million.

Year‑to‑date group results and metrics

For the first nine months of 2026, MGM China reported revenue of HKD26.32 billion, up 4.6% versus 2025, and adjusted EBITDA of HKD7.18 billion, down 1.0% year‑on‑year.

At the group level, MGM Resorts recorded a net loss attributable to shareholders of US$17.1 million in the third quarter, versus a loss of US$285.3 million a year earlier. Consolidated group revenue fell 0.9% year‑on‑year to US$4.21 billion, and consolidated adjusted EBITDA declined 20.4% to US$402.8 million.

As of 30 September, MGM Resorts held US$2.4 billion in cash and cash equivalents, of which MGM China held US$598 million; the group’s total principal debt stood at US$5.7 billion, including US$2.3 billion related to MGM China, the US group filing showed.