MGM China’s adjusted EBITDA fell 7.4 percent year-on-year to HK$2.33 billion ($298 million) in 2Q26, as lower VIP and main-floor wagering weighed on its casino operations.
Revenue edged down 0.5 percent to HK$8.63 billion ($1.1 billion), according to unaudited 2Q26 results released on July 30th in Asia. The adjusted EBITDA margin narrowed to 27 percent from 29 percent a year earlier.
MGM China held a 16.4 percent share of Macau’s gaming market during the quarter, up from 15.4 percent in 1Q26 but slightly below 16.6 percent in 2Q25.
MGM Resorts management said during its earnings call that the World Cup temporarily affected Macau gaming volumes in June. Business had recovered strongly in recent weeks following the slowdown.
Combined VIP table games turnover at MGM Macau and MGM Cotai dropped 18.3 percent to HK$31.17 billion ($4.0 billion). VIP gross table games win declined 33.2 percent to HK$861.7 million ($110.4 million).
Main-floor table games drop fell 6.2 percent to HK$29.89 billion ($3.83 billion). However, main-floor gross win increased 2 percent to HK$8.13 billion ($1.04 billion), supported by a higher combined win rate of 27.2 percent, compared with 25.0 percent in 2Q25.
Slot operations provided a stronger contribution. Combined slot handle rose 12 percent, while gross slot win increased 19.4 percent to HK$681.4 million ($87.4 million).
The EBITDA decline was concentrated at MGM Macau, where adjusted EBITDA fell 15.4 percent to HK$825.5 million ($105.9 million). Revenue at the peninsula property declined 1 percent to HK$3.35 billion ($429.4 million).
MGM Cotai reported a smaller 2.3 percent decrease in adjusted EBITDA to HK$1.50 billion ($192.5 million), while revenue was broadly unchanged at HK$5.28 billion ($676.4 million).
MGM Resorts International, which owns about 56 percent of MGM China, uses a different accounting method when including the Macau operator in its group results. On that basis, MGM China’s segment adjusted EBITDAR fell 15 percent to $257 million.
The figure included $40 million in branding license fee expenses, more than double the $19 million recorded a year earlier following a new long-term agreement. The fee is removed when MGM Resorts combines MGM China with its wider group accounts.
For the first half of 2026, MGM China’s revenue rose 4.4 percent to HK$17.39 billion ($2.23 billion), while adjusted EBITDA declined 1.9 percent to HK$4.78 billion ($613.4 million).
Parent company MGM Resorts reported record consolidated revenue of $4.5 billion in 2Q26, up 1 percent year-on-year.
