Good Morning. One for the team. MGM China’s record-high adjusted EBITDA for Q4 and the full year of 2025, coupled with an increase in market share and an enhanced branding agreement, has led to strong praise from MGM Resorts International’s leadership and positions the company for continued growth, including the ongoing construction of MGM Osaka, expected to open in 2030. Seaport Research considered that MGM China increased its market share in Macau to 16.4% in Q4 2025, bolstered by steady mass-market reinvestment and improved margins, with Senior Analyst Vitaly Umansky highlighting robust operational execution despite rising costs.
What you need to know
- MGM China “crushed it” in the fourth quarter, says MGM Resorts CFO after the group saw record-high EBITDA.
- Analysts see MGM China maintaining high 15% market share range in 2026, backed by revamped marketing strategy and product enhancements.
On the radar
- MGM China “very, very optimistic” for CNY: CEO Kenneth Feng.
- Macau’s visitor non-gaming spending increased 14.2% in 4Q25.
- Cambodia targets nationwide telecom fraud elimination by end-April.
- Cambodia denies Philippine fugitive Atong Ang is in the country.
AGB Intelligence
MACAU
Management hails MGM China’s steady market‑share growth
MGM Resorts International’s CFO Jonathan Halkyard praised MGM China for its performance, citing a 16.5% market share despite intense competition in Macau, supported by a focus on high service levels and premium customers. The financial success has also validated MGM Resorts’ decision to increase its branding agreement fees from 1.75% to 3.5%, which is projected to generate over $50 million in incremental cash flow.
Industry Updates
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- SoftConstruct AI & Affigates spotlight AI-driven innovation at AIBC Eurasia.
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