Macau gaming operator MGM China experienced a 3 percent decline in consolidated net revenues, reaching $1.03 billion during the first quarter of 2025.
This decrease was primarily attributed to lower mass floor table drop during the period.
Casino revenue also fell by 3 percent to $896 million across both MGM Macau and MGM Cotai properties. Main floor table games drop decreased by 5 percent year-on-year to $3.63 billion, although the main floor win rate showed a slight improvement at 25.2 percent compared to 24.9 percent in the previous year.
The company’s Adjusted Segment EBITDAR declined by 5 percent year-on-year to $285.6 million, with the EBITDAR margin dropping from 28.5 percent to 27.8 percent. Despite these decreases, MGM pointed out that its Segment EBITDAR in Macau remained 46 percent higher in 1Q25 than during the same period in 2019.
During the conference call, Bill Hornbuckle, CEO and President of MGM Resorts International, highlighted that “MGM China is maintaining mid-teen market share, ending the quarter at 15.7 percent even with new supply ramping up in the market.”
He also announced the debut of 10 new villas at MGM Macau, with another 18 scheduled to open by year-end. Additionally, MGM Cotai is adding 16 new suites targeting a first quarter 2026 opening, which will support demand from premium gaming customers.
Jonathan Halkyard, CFO of MGM Resorts, noted that margins remained stable at 28 percent due to strong operating expense control and efforts to maximize asset efficiency. This performance was achieved despite several successful tourism initiatives, including the “Macau 2049” residency show at Cotai and the Poly Art Museum at MGM Macau.
In a significant development, MGM China increased its dividend payout policy to 50 percent of distributable profits, up from 35 percent. The company also secured a new revolving credit facility providing approximately $3 billion of liquidity, representing about a billion dollars of increased capacity with maturities extended to February 2030.
MGM Resorts maintains approximately 56 percent controlling interest in MGM China Holdings Limited.
