Record-high 2025 fourth quarter and full-year adjusted EBITDA by MGM China saw it earn high praise from its parent company in its post-results earning call, with MGM Resorts International’s CFO Jonathan Halkyard saying “MGM China just crushed it this quarter”.
In early-release results, MGM China saw 4Q25 adjusted EBITDA reach HK$2.75 billion ($352.2 million), up by 29.46 percent yearly, with revenue up by 21.41 percent to HK$9.61 billion ($1.23 billion).
MGM Resorts International CEO Bill Hornbuckle highlighted that “MGM China remains a strong outperformer […] We achieved a 16.5 percent market share during the fourth quarter and impressively maintained share of over 16 percent for the share level for an annual period as our operating team continues to command with a premium mass customer driving the market.”
The CFO noted that the market share comes despite a “relentless competitive environment” in Macau, “but our team has consistently maintained mid-high 20s margins with their focus on maintaining high service levels while anticipating evolving customer tastes and preferences.”
MGM China CEO Kenneth Feng reiterated this, noting that “MGM China margin has always been in mid- to high-20s as we guided. We always delivered what we said for the past few years.”
Branding agreement
The strong results from MGM China are also helping justify the group’s move to increase the value of its branding agreement – helping contribute cash to its parent company’s investment plans and share repurchases.
Under a 20-year branding agreement which came into effect January 1st, MGM China saw its monthly licensing fee rise from 1.75 percent (of its adjusted consolidated net monthly revenue) to 3.5 percent, with MGM Resorts receiving approximately two-thirds of the license fee.
CFO Halkyard noted that “The brand has proven its value over time, helping drive MGM China’s market share and EBITDA, both of which have almost doubled since 2019. The renewal terms also result in greater cash flow generated for MGM Resorts, which, if we use 2025 results, would represent over $50 million in incremental cash flow to our company”.
The executive furthered that “We remain highly confident in the long-term growth prospects in Macau and remain aligned with the MGM China shareholders”.
MGM Osaka on track for 2030 opening
The extra cash gives MGM Resorts more room to invest and repurchase shares, with Halkyard noting “with our level of free cash flow and now the distributions we’re getting from MGM China and BetMGM, we can afford to invest in our properties, invest in MGM Osaka, as well as repurchase shares.”
MGM Osaka is set to open in 2030 and CEO Bill Hornbuckle said that the company believes the property “will be the world’s largest integrated resort upon opening”.
The executive furthered that “construction remains on time and on budget”, and that “currently, about 20 percent of the foundation piles have been installed or completed, and the project remains on track to open in 2030″.
