MGM China posts record US$1.14bn 3Q revenue as EBITDAR falls 7%

MGM China Holdings Ltd reported record third-quarter net revenue of just under US$1.14 billion for the three months to 30 September, an increase of 4.6 percent year‑on‑year. The company recorded a quarterly market share of 17.1 percent, while segment adjusted earnings before interest, taxation, depreciation, amortisation and rent (EBITDAR) declined 7.0 percent to US$264.0 million from US$284.0 million a year earlier.

Revenue and casino performance

MGM China said third-quarter casino revenue was US$981 million, up 3.6 percent versus the prior-year period. Main-floor table games drop fell 9.6 percent year‑on‑year to US$3.68 billion, while main-floor table games win rose 1.5 percent to US$1.02 billion. The main-floor table games win percentage was 27.7 percent, compared with 24.7 percent in the same quarter last year.

The company operates two Macau properties: MGM Macau on the peninsula and MGM Cotai in the Cotai district. Revenue at MGM Cotai rose 6.0 percent year‑on‑year to slightly over HKD5.42 billion, with adjusted EBITDA up 4.4 percent to HKD1.52 billion. MGM Macau posted third-quarter revenue of just over HKD3.47 billion, while adjusted EBITDA at that property fell 5.4 percent to HKD864.6 million.

Accounting, intercompany fees and reporting bases

MGM Resorts International, the United States-based parent, noted in its earnings release that intercompany branding licence fee expenses for MGM China increased by US$22 million year‑on‑year to US$41 million in the quarter. In a separate filing to the Hong Kong Stock Exchange, MGM China reported total third-quarter revenue of nearly HKD8.93 billion (US$1.15 billion) under International Financial Reporting Standards and adjusted EBITDA of just over HKD2.39 billion, up 0.9 percent year‑on‑year.

For the nine months to 30 September 2026, MGM China reported revenue of HKD26.32 billion, up 4.6 percent, while adjusted EBITDA for the period declined 1.0 percent to HKD7.18 billion.

Group-level results and balance sheet items

At group level, MGM Resorts reported a net loss attributable to shareholders of US$17.1 million for the third quarter, compared with a loss of US$285.3 million a year earlier. Group revenue declined 0.9 percent to US$4.21 billion, and consolidated adjusted EBITDA fell 20.4 percent 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 parent reported US$5.7 billion of principal indebtedness, including US$2.3 billion related to MGM China.

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