MGM Commits $2bn to MGM Osaka in 2027–28 as Macau Market Share Hits Record
About $1bn a year to be invested before a 2030 opening; buybacks remain on the table.
Key Takeaways
- MGM Resorts plans to invest approximately $2 billion in MGM Osaka across 2027 and 2028, at about $1 billion per year.
- MGM had already invested JPY114 billion ($722 million) in MGM Osaka and expects to add JPY150–160 billion (~$950m–$1bn) each year for the next two years.
- MGM China recorded a record 17.1% gaming market share in Macau in Q3 2026, rising to 19.2% in September.
- Consolidated third-quarter revenue was $4.2 billion, down 1% year over year, while MGM China revenue grew 5%.
- MGM has about $1.4 billion remaining under its authorised share repurchase programme and views buybacks alongside Japan investment as primary capital uses.
MGM Resorts International will invest approximately $2 billion in MGM Osaka across 2027 and 2028 as it progresses construction of the $10 billion integrated resort scheduled to open in 2030. The company said it plans to invest roughly $1 billion per year in the project during 2027 and 2028 and will fund the spending with available cash and free cash flow alongside partner financing.
Funding, progress and capital allocation
Chief Financial Officer Jonathan Halkyard confirmed during the third-quarter earnings call that MGM had already invested about JPY114 billion ($722 million) in the Japan project. The company expects to contribute another JPY150 billion to JPY160 billion, approximately $950 million to $1 billion, in each of the next two years. "We are coming upon two years of investment in our Japan project at a billion dollars per year, and we do that enthusiastically just because of the returns we think are associated with that project," Halkyard said.
MGM will use available cash and free cash flow to finance its remaining commitments; Japanese partner ORIX Corp and a yen-denominated bank facility will provide the rest of the funding for the overall development. Halkyard described MGM Osaka as an "over-equitized project," expecting the resort to begin operations with leverage of approximately two times and suggesting MGM could refinance shortly after opening to recover part of invested capital.
Management signalled that capital allocation will focus on Japan and the company's buyback programme. MGM has roughly $1.4 billion remaining under its authorised share repurchase programme. "As we look at the opportunities before us, it's going to be Japan, it's going to be repurchases, and we think those are the two most important and remunerative ways to use our capital," Halkyard added.
Macau performance and group results
MGM China achieved a record quarterly gaming market share of 17.1% in Macau during the third quarter of 2026, the company said, assisted partly by favourable gaming hold. September was stronger still, with market share reaching 19.2%. MGM President and CEO Bill Hornbuckle said the positive trading conditions continued into October.
Consolidated third-quarter revenue for MGM Resorts was $4.2 billion, down 1% year on year. MGM China recorded 5% revenue growth, which helped offset weaker results in other regions.
Construction status
MGM Osaka remains on schedule for a 2030 opening. Construction is approximately 11% complete, with about 70% of foundation piles finished.
Frequently Asked Questions
How much will MGM invest in MGM Osaka and when?
MGM will invest approximately $2 billion in MGM Osaka across 2027 and 2028, targeting about $1 billion per year ahead of the resort's planned 2030 opening. The company has already invested JPY114 billion ($722 million) and expects to add JPY150–160 billion (~$950m–$1bn) in each of the next two years.
How is the MGM Osaka build being financed?
MGM will fund its portion with available cash and free cash flow, while Japanese partner ORIX Corp and a yen-denominated bank facility will provide the remaining financing. Halkyard described the project as over-equitized and expects opening leverage of around two times.
What recent performance did MGM report in Macau?
MGM China achieved a record quarterly gaming market share of 17.1% in Macau in Q3 2026 and reached 19.2% in September. MGM President and CEO Bill Hornbuckle said the positive trading conditions continued into October.
What were MGM Resorts' consolidated results in Q3 2026?
Consolidated third-quarter revenue for MGM Resorts was $4.2 billion, down 1% year over year, while MGM China recorded 5% revenue growth, partly offsetting weaker results elsewhere.
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Marcus Webb
Industry Deals Correspondent
Marcus Webb covers the deal flow of the gambling industry — operator strategy, M&A, market entries, and product launches from sportsbook rebrands to full platform migrations. The reports name the companies, valuations, and jurisdictions exactly as disclosed and separate the announcement from its market impact. When a group consolidates a brand or a challenger launches into a new state, Marcus Webb explains who gains, who pays, and what closes next quarter.
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