Good Morning. In the Macau jungle, the lion does not sleep tonight. MGM China again gave competitors a run for their money in the fourth quarter, with its MGM Cotai property delivering $785 million in revenue and boasting a 55 percent increase in adjusted EBITDA. Macau peninsula growth remained slow, but contributed well to the 23 percent rise in the group’s casino revenue. Also in Macau, junket operations are still a thing, with a slight uptick in licensed operators from last year, but far below the total quota. And in the Philippines, Hann Online has debuted after a rapid-fire development and deployment period entrusted to PhilWeb.
What you need to know
- MGM Cotai brought in $785 million in revenue in 4Q25, with adjusted EBITDA rising by 55 percent yearly, boosting Macau results.
- PhilWeb debuts Hann Online platform in partnership with Hann Casino – designed, built and deployed within just two weeks.
- The number of licensed gaming promoters (junkets) in Macau increased slightly this year but falls far short of the allowed total.
On the radar
- Macau’s Grand Emperor Hotel sells gold bricks in lobby for $11.55M.
- MGM China 4Q25 results surpass projections: Jefferies.
- Macau gaming regulator: foreign-player revenue subject to daily checks.
- Macau records over 2,300 gaming crime cases in 2025, up 62.6%.
- Macau airport forecasts passenger rebound after 1.6% decline in 2025.
- Interblock searches for new CEO after John Connelly resigns.
AGB Intelligence
RESULTS
MGM Cotai sees 55% EBITDA increase in 4Q25
The lion roared in MGM Cotai in the fourth quarter, with MGM China seeing its jewelry box-shaped property deliver a 55 percent yearly increase in adjusted EBITDA, boosted by $785 million in revenue. MGM’s casino revenue from the gaming hub rose by 23 percent in the quarter, to $1.08 billion, despite slower growth from the peninsula.
Industry Updates
- Wynn Resorts earns 18th straight spot on FORTUNE’s Most Admired list.
- TxODDS forecasts nearly $4 billion in Super Bowl LX betting activity.
- Sportradar and Betfred extend partnership to reinforce retail betting strategy.
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