MGM China has seen property visitation and normalized gross gaming revenue exceed 1Q26 levels following a sharp recovery from the World Cup period, according to company management.
Kenneth Feng, chief executive officer of MGM China, said visitation and business volumes had strengthened since the second week of July, with weekly performance continuing to improve.
“We are seeing pent-up demand from the World Cup period,” Feng said during MGM Resorts International’s 2Q26 earnings call.
He estimated that Macau’s overall gaming performance in the latest week had recovered to nearly 1Q26 levels. At MGM China, both property visitation and normalized GGR had already moved above levels recorded during the first quarter.
Feng said concerts and other events scheduled for July and August supported expectations for a “busy summer in Macau.”
MGM Resorts chief executive and president Bill Hornbuckle described the World Cup’s impact on June volumes as a temporary disruption rather than a change in underlying demand.
MGM China maintained a market share of 16.4 percent in 2Q26, up one percentage point sequentially. Management said volumes and earnings were solid in April and May before weakening during the World Cup period in June.
MGM China targets higher yields through reinvestment
Addressing concerns over intense promotional competition in Macau, Feng said MGM China was not relying solely on higher player reinvestment to defend its market share.
“What we are competing [with] is a package. It’s our products, our services, our innovation and then our promotion,” he said.
The company’s strategy is focused on “optimizing the yield of every table, every slot, every square foot of the casino floor,” according to the executive.
MGM China completed suite conversions and renovations to its premium gaming areas at MGM Cotai during the quarter. Over the past year, it has also opened its Alpha Villas at MGM Macau and added 50,000 square feet of high-end gaming space.
Design work has now started on the renovation of approximately 100 suites at MGM Macau.
Despite the competitive environment, Feng said MGM China was comfortable sustaining operating margins in the mid-to-high-20 percent range.
Osaka remains on track for 2030 opening
MGM Resorts said construction of its integrated resort in Osaka remained on time and within budget for a fall 2030 opening. More than 60 percent of the foundation piles have been completed, while concrete placement and structural steel fabrication are progressing.
The group expects to contribute between $125 million and $175 million to the project during the second half of 2026, followed by approximately $1 billion in each of 2027 and 2028.
MGM Resorts also said a special committee of independent directors continued to evaluate a takeover offer from Barry Diller’s People Inc., with support from independent outside advisors.
