MGM China posts strong October after record quarterly market share

MGM China Holdings Ltd reported strong trading in October after recording a quarterly revenue and market-share high in the three months to September, MGM Resorts International executives said on the group's third-quarter earnings call on 28 October 2026. Bill Hornbuckle, chief executive and president of MGM Resorts International, said MGM China’s Macau gaming market share reached 19.2% in September, lifting the third-quarter share to a record 17.1%. He added that the trends had continued into the fourth quarter with “strong October performance thus far.”

Market share and October trading

MGM China achieved a September market share of 19.2% and a quarterly share of 17.1% in the three months to September, figures disclosed by Bill Hornbuckle on the earnings call. He said the Macau market “remains competitive” but that the group's operational focus was yielding results: “While the [Macau] market remains competitive, we are focused on our operations, and the execution is paying off.”

Visitor volumes, product and premium mass

Jonathan Halkyard, chief financial officer of MGM Resorts International, said visitor volumes to MGM China’s two Macau properties during October’s Golden Week holiday period rose by 10% year‑on‑year. He credited growth to premium mass customers and to recent renovations: premium mass “continues to drive growth,” and customers had reacted positively to refurbished products and premium spaces.

Hornbuckle pointed to the renovated Supreme Club at MGM Cotai as producing “longer playing times and higher playing levels” among high-end customers. He also noted a high‑limit slot area at MGM Cotai, opened in July, was “attracting more rated players and driving higher slot volumes.” These remarks refer to MGM Cotai and MGM Macau, the group's two casinos in Macau. The article includes an image of MGM Macau on the Macau peninsula.

Profitability and margins

MGM China management addressed competitive pressure and promotional spending. They cited a quarterly margin of approximately 26.9% and reiterated an expected margin range in the mid‑ to high‑20s percent. Halkyard said quarterly revenue for MGM China grew by 5% year‑on‑year, while reported earnings before interest, taxation, depreciation and amortisation (EBITDA) declined by US$20 million. The brand fee payable to MGM Resorts increased by US$22 million over the same period. Halkyard said: “Margins were consistent when taking this brand fee into account.”

MGM Osaka progress and financing

On Japan, Hornbuckle said MGM Osaka was approximately 11% complete and “remained on schedule and on budget” for a 2030 opening. Approximately 70% of foundation piles had been completed, with concrete and steel fabrication progressing. MGM Resorts International and Japan’s Orix Corp are the main partners in the JPY1.51‑trillion (US$9.56 billion) MGM Osaka project, described as Japan’s first integrated resort with casino. Halkyard said MGM Resorts had spent approximately JPY114 billion on the project to date and expected to contribute a further JPY150 billion to JPY160 billion — approximately US$1 billion — in each of 2027 and 2028, completing its funding commitments.

Halkyard said the project was fully funded through the commitments of MGM Resorts and Orix together with a senior credit facility in Japan. He suggested the project could open with leverage of approximately 2.0 times, leaving scope for refinancing before or shortly after opening. Those planned Japan contributions would somewhat affect MGM Resorts’ capacity for share repurchases over the next two years, although the CFO identified Japan investment and share buybacks as the group's two main capital‑allocation priorities.

“These trends have continued into the fourth quarter with strong October performance thus far,” Bill Hornbuckle said on the earnings call.

“Margins were consistent when taking this brand fee into account,” Jonathan Halkyard said when discussing quarterly profitability.

MGM China operates MGM Macau on the Macau peninsula and MGM Cotai in the Cotai district. The company's Q3 results and October trading comments were delivered during the MGM Resorts International third‑quarter earnings call. For related coverage see the group’s updates in the casino and news sections, and project timelines in events.