Macau gaming operator MGM China Holdings delivered a record second-quarter 2025 EBITDA of HK$2.51 billion ($313 million), driven by a 16.6 percent market share and a 29 percent EBITDA margin—underscoring the company’s competitiveness and prudent spending approach, according to Citigroup analysts George Choi and Timothy Chau.
The strong performance came despite new product launches by competitors, including the Londoner Grand by Sands China and Capella by Galaxy Entertainment. MGM China’s EBITDA margin aligned with management guidance, with Citigroup highlighting disciplined spending, particularly in player reinvestments.
The Londoner Macao significantly boosted Sands China’s 2Q25 performance, with casino revenues at the property surging 55.7 percent year-on-year. Meanwhile, the ultra-luxury Capella hotel, which was launched in early May, is seen as Galaxy Entertainment’s major push into the premium mass segment.
Financial performance exceeds expectations
Citigroup noted that MGM China’s 2Q25 property EBITDA of HK$2.51 billion ($313 million) surpassed both its own and consensus forecasts of HK$2.39 billion ($298 million), beating expectations by 5 percent.
Analysts also estimated that a favorable VIP hold contributed approximately $12 million to EBITDA.
According to the financial results, MGM China recorded net revenue of HK$8.67 billion ($1.08 billion), representing a 9 percent year-over-year increase and 8 percent growth quarter-over-quarter.
Gross gaming revenue (GGR) rose 12 percent year-over-year and quarter-over-quarter, with market share expanding to 16.6 percent—up 0.9 percentage points from 15.7 percent in 1Q25.
VIP gaming revenue surged 47 percent year-over-year and 12 percent quarter-over-quarter to HK$1.29 billion ($161 million), driven by higher hold rates and a 19 percent increase in volume.
Mass table revenue grew 9 percent year-over-year and 12 percent quarter-over-quarter to HK$7.97 billion ($994 million), while slot revenue remained flat year-over-year but rose 10 percent quarter-over-quarter to HK$571 million ($71 million).
Guest villas open at MGM Macau
According to management, business momentum remained strong in July 2025, with solid volumes across all segments. The company sustained market share in the mid-teens and EBITDA margins in the high twenties.
MGM China has also completed several expansion projects, including the opening of 28 guest villas at MGM Macau. At MGM Cotai, the company has begun converting standard rooms into 63 new suites, with completion targeted for 1Q26.
Additionally, the operator highlighted the soft opening of Alpha Club, an ultra-high-end venue with 20 gaming tables at MGM Macau in July 2025. Management emphasized that Macau is no longer solely an event-driven market, attracting customers with its high-quality products and services beyond concerts and large-scale events.
