MGM China achieved record results in the third quarter, with both a record segment-adjusted EBITDAR and a market share of 15.5 percent.
That’s according to the group’s results, included in those published by parent operator MGM Resorts on Thursday.
Net revenues for the quarter totaled $1.08 billion, up from $929.45 million in 3Q24, up by 17 percent ‘due primarily to an increase in main floor table games drop’.
Main floor table games drop rose by 18 percent, to $4.07 billion during the quarter, while casino revenue for the operator rose by 18 percent, to $947 million.
Segment adjusted EBITDAR rose to $283.99 million, from $237.35 million in 3Q24.
MGM Cotai sees strong VIP play
The tables were hot in both mass and VIP, but VIP saw a particular uptick at MGM’s Cotai Strip property. VIP table games turnover was HK$21.69 billion ($2.79 billion), up from HK$15.04 billion ($1.94 billion) in the same period a year ago. The average win per VIP gaming table also rose to HK$204.7 million ($26.34 million), up from HK$104 million ($13.38 million) in 3Q24.
The segment’s win percentage increased from 3.3 percent a year ago to 4.4 percent in 3Q25, with gross table games win up to HK$952.72 million ($122.6 million), from HK$496.79 million ($63.93 million) in 3Q24.
Main floor table games drop also saw a healthy increase, up to HK$17.37 billion ($2.24 billion), from HK$13.31 billion ($1.71 billion).
The table games win percentage fell to 26.2 percent, from 29 percent in 3Q24, but gross table games win was at HK$4.54 billion ($584.23 million), up from HK$3.85 billion ($495.44 million). Average daily gross win per main floor gaming table was up from HK$118.8 million ($15.29 million)Â to HK$140.6 million ($18.1 million) in 3Q25.
MGM Cotai’s 3Q25 revenue rose to HK$5.11 billion ($657.6 million), from HK$4.2 billion ($540.5 million) a year prior.
Adjusted EBITDA was also up, to HK$1.45 billion ($186.6 million), from HK$1.18 billion ($151.85 million) in 3Q24.
MGM Macau
MGM Macau experienced a healthy revenue growth during the period, rising to HK$3.39 billion ($436.25 million) from HK$3.04 billion ($262.52 million) in 3Q24. This helped boost adjusted EBITDA to HK$914.43 million ($117.67 million), up from HK$801.51 million ($103.14 million) a year prior.
Contrary to MGM Cotai, VIP play was down on the peninsula property, with table games turnover falling from HK$7.67 billion ($987 million) in 3Q24 to HK$6.08 billion ($782.4 million) in 3Q25. VIP gross table games win was also down, to HK$118.26 million ($15.22 million), from HK$230.13 million ($29.61 million) in the prior year period. The win percentage fell from 3 percent in 3Q24 to 2 percent in 3Q25, with the average daily gross win per table dropping from HK$94.2 million ($12.12 million) to HK$56.5 million ($7.27 million).
Main floor table games drop was up though, on a yearly basis, totaling HK$14.47 billion ($1.86 billion), from HK$13.53 billion ($1.74 billion) in 3Q24. The win percentage rose slightly to 23 percent, with the main floor gross table games win up to HK$3.32 billion ($427.24 million), from HK$2.83 billion ($364.18 million).
The average daily gross win per main floor table was HK$114 million ($14.67 million), up from HK$99.3 million ($12.78 million) in the same quarter of 2024.
