MGM to invest $2,000M in MGM Osaka across 2027–28 and posts market-share high in Macao
$1,000M per year planned for 2027–2028; MGM China hit 17.1% share in Q3 2026
Key Takeaways
- MGM Resorts plans to invest about $2,000 million in MGM Osaka during 2027 and 2028.
- MGM China achieved a record quarterly market share of 17.1% in Macao in Q3 2026 and 19.2% in September.
- MGM has already invested roughly JPY114,000 million ($722M) in MGM Osaka and expects to contribute JPY150,000–160,000 million ($950M–$1,000M) per year.
- MGM Resorts’ consolidated third-quarter revenue was $4,200 million, a 1% year-on-year decline.
- Approximately $1,400 million remains available under the authorised share buyback programme.
MGM Resorts International expects to invest approximately $2 000 million in MGM Osaka during 2027 and 2028 as it prepares to open its $10 000 million integrated resort in Japan in 2030. The company detailed it intends to contribute about JPY150 000 million to JPY160 000 million (approx. $950M–$1 000M) in each of the two years.
Financing and timeline for MGM Osaka
MGM Osaka remains on track to open in 2030; construction is roughly 11% complete and about 70% of foundation piles are finished. Chief Financial Officer Jonathan Halkyard confirmed on the third-quarter earnings call that MGM has already invested nearly JPY114 000 million (equivalent to $722 million) in the project.
“We are approaching two years of investment in our Japan project at a billion dollars per year, and we do so with enthusiasm for the returns we expect that project will deliver,” Jonathan Halkyard said.
The company said it will fund remaining commitments with available cash and free cash flow; the remainder of development financing will come from Japanese partner ORIX Corp and a yen-denominated credit facility. Halkyard described MGM Osaka as an “over-capitalised project,” with expected leverage of about two times at opening and the possibility of refinancing shortly after opening to recoup some invested capital.
Performance in Macao and capital position
While preparing for spend in Japan, operations in Macao have shown strength. MGM China achieved a quarterly market share record of 17,1% in Q3 2026, helped in part by a favourable hold; in September the share was higher at 19,2%. President and CEO Bill Hornbuckle said positive trading conditions continued into October. See recent results in our [casino](/casino) coverage.
MGM Resorts reported consolidated third-quarter revenue of $4 200 million, a 1% year-on-year decline. MGM China posted revenue growth of 5%, which helped offset weaker results elsewhere in the group. The company also has roughly $1 400 million remaining on its authorised share buyback programme, which management sees as a capital-allocation alternative alongside the Japan investment; further commentary is in our [news](/news) section.
Capital-allocation priorities
Management has prioritised two primary uses for available capital: the investment in Japan and share buybacks. Halkyard said those are "the two most important and remunerative" uses of MGM's available capital.
Frequently Asked Questions
How much will MGM Resorts invest in MGM Osaka and in which years?
MGM Resorts plans to invest approximately $2,000 million in MGM Osaka across 2027 and 2028, contributing about JPY150,000–160,000 million (roughly $950M–$1,000M) in each of those years.
What percentage of MGM Osaka’s construction is complete and how much has been invested so far?
Construction is about 11% complete and around 70% of foundation piles are finished; MGM has already invested approximately JPY114,000 million, equivalent to $722 million.
What results did MGM China report in Macao in Q3 2026?
MGM China recorded a quarterly market-share record of 17.1% in Q3 2026 and a market share of 19.2% in September, aided in part by a favourable hold.
How did MGM China’s performance affect the group’s consolidated results?
MGM China’s 5% revenue growth in Q3 helped offset weaker results elsewhere in the group; consolidated MGM Resorts revenue was $4,200 million, down 1% year on year.
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About the author
Gonzalo Marín
Industry Deals Correspondent
Gonzalo Marín covers the corporate deal flow of gambling — operator strategy, M&A, regulated-market entries, and product launches. The reports open with the transaction, cite companies, valuations, and jurisdictions exactly as released, and keep the announcement apart from its actual effect. When a Latin American operator raises capital or a European brand lands in the region, Gonzalo Marín reports who signs, for how much, and on what terms.
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