MGM China posted its strongest third quarter on record, lifting revenue 5% to about HK$8.9 billion and taking a record 17.1% of Macau’s gaming market while overall casino takings in the city slipped.
The operator, listed in Hong Kong under stock code 2282, said in its unaudited third quarter update on Wednesday that adjusted EBITDA reached roughly HK$2.4 billion. Both revenue and adjusted EBITDA are the highest MGM China has reported for a July to September period.
Gaining share in a softer market
The result stands out against a weaker backdrop. Macau’s average daily gross gaming revenue was MOP655 million in the quarter, 4% lower than a year earlier, which the company attributed to a temporary drag from the World Cup tournaments. Visitor arrivals moved the other way, averaging 122,139 a day, up 8%. Earlier this month agbrief reported that Macau’s 3Q26 casino GGR fell 3.8% as mass baccarat weakened.
MGM China, by contrast, grew daily GGR across its two resorts by 5%, with mass GGR including slots also up 5%. Daily visitation at its properties climbed 10%. Its market share of 17.1% split into 10.5% for MGM COTAI and 6.6% for MGM MACAU on the peninsula. Hotel occupancy improved to 94.1% from 93.5%.
Cotai carries the growth
MGM COTAI generated about HK$5.4 billion of revenue, up from HK$5.1 billion, and adjusted EBITDA of around HK$1.52 billion against HK$1.46 billion a year ago. MGM MACAU lifted revenue to roughly HK$3.5 billion from HK$3.4 billion, but its adjusted EBITDA eased to about HK$865 million from HK$914 million. Total liquidity, combining cash and the undrawn revolver, stood near HK$25.6 billion at the end of September.
Chief executive Kenneth Feng credited premium customers. “The higher-end market segment continues to drive growth,” he said, adding that guests had responded well to the group’s refurbished rooms and premium spaces. After converting suites at MGM COTAI earlier in the year, the company has now started renovating around 100 suites at MGM MACAU, which Feng said should cement the peninsula property as a premier venue while Cotai targets premium travellers.
The company also pointed to a solid start to the fourth quarter, with visitation at its properties during the October Golden Week holiday up 10% year on year. Citywide, Golden Week hotel occupancy rose to 91.3% even as room rates softened.
Parent’s view in US dollars
Majority owner MGM Resorts International reported the same quarter on Wednesday after the New York close. In its earnings release filed with the SEC, the MGM China segment showed revenue of $1.1 billion, up 5%, while Segment Adjusted EBITDAR came in at $264 million, a 7% decline on the $284 million booked a year earlier. The gap is largely explained by the intercompany branding licence fee MGM China pays its parent, which rose to $41 million from $19 million and is eliminated on consolidation.
The US filing also shows main floor table drop down 10% to $3.68 billion, while main floor table win edged up 1% to $1.02 billion on a hold rate of 27.7%, compared with 24.7% a year earlier. Chief executive Bill Hornbuckle highlighted the Macau unit’s 5% revenue growth and market share gains, and named MGM Osaka as a key part of the group’s development pipeline.
