Second-quarter net revenues at Macau casino operator MGM China Holdings Ltd rose 9.0 percent year-on-year, to US$1.11 billion, from just under US$1.02 billion in the prior-year quarter.
The information was given on Wednesday by the U.S.-based parent, MGM Resorts International.
The parent saw its consolidated net income fall 73.8 percent year-on-year, to US$49.0 million. It said that was due to “the current quarter pre-tax impact of foreign currency transaction loss of US$208 million primarily related to U.S.-dollar denominated debt held by a foreign subsidiary.”
Nonetheless the MGM China quarterly result was amid “all-time record segment adjusted EBITDAR” for the Macau operation – MGM Macau and MGM Cotai – stated the parent, referring to earnings before interest, taxation, depreciation, amortisation and rent.
Such EBITDAR for the three months to June 30 was US$301.3 million, up 2.5 percent year-on-year.
MGM China “once again delivered a solid print in the second quarter, with its industry-leading market share (plus 90 basis points quarter-on-quarter to 16.6 percent) and industry-leading EBITDA growth – plus 7 percent quarter-on-quarter” on a “luck-adjusted” basis “versus the industry’s plus 4 percent”, said JP Morgan Securities (Asia Pacific) Ltd. That was in a Thursday note issued in Hong Kong by analysts DS Kim and Selina Li.
Fellow analysts Anne Ling and Jingjue Pei, of Jefferies Hong Ltd, said in a Wednesday note: “MGM China’s second-quarter 2025 adjusted EBITDA were 10 to 12 percent higher than our and market estimates, while sales were in line.”
They added: “Market share reached 16.6 percent in second-quarter 2025, the highest level since 2023.”
Kenneth Feng Xiaofeng, president and executive director of MGM China, was quoted as saying in a press release issued by the company on Thursday morning: “We are delighted to see another quarter of growth driven by our deep understanding and customers and our ability to refresh our products and offerings to cater to customers’ taste.”
The firm’s press statement added that MGM China’s daily gross gaming revenue (GGR) across its two Macau properties had risen sequentially to MOP111.2 million (US$13.8 million) compared to MOP100.4 million daily in the first quarter.
Most bets in Macau casinos are denominated in Hong Kong dollars, but the Macau government reports GGR in the local currency, the Macau pataca.
MGM China said that visitor volume to its two properties grew by 12 percent year-on-year, “reaching 175 percent of 2019 pre-Covid levels”. The firm didn’t give the number of visitors for the period.
Property performance
Main floor table games drop at MGM Macau – the money paid for chips at mass-market tables – was just over HKD14.83 billion (nearly US$1.89 billion) in the three months to June 30. That was up 3.5 percent year-on-year.
MGM Macau’s VIP table games turnover was down 35.1 percent year-on-year, to just under HKD5.40 billion. Slot machine handle was flat, at nearly HKD7.38 billion.
MGM Cotai’s main floor table games drop for the reporting period was HKD17.05 billion, up 9.0 percent year-on-year. The property’s VIP table games turnover rose 38.6 percent year-on-year, to nearly HKD32.73 billion.
MGM Cotai slot machine handle was nearly HKD8.81 billion, up 20.4 percent from the prior-year period.
The parent said that as of June 30, the MGM China revolving credit facility consisted of a HKD23.4-billion senior unsecured revolving credit facility, which matures in April 2030.
JP Morgan observed that MGM China’s management “remains upbeat” about the firm’s trading prospects.
The brokerage stated: “Despite concerns of a demand peak-out from a (very) strong June, management sounded pretty confident on the sustained demand recovery.”
JP Morgan added that MGM China’s management considered it had earned “more than [its] fair share in July”.
The brokerage observed: “This is consistent with our checks, and we continue to expect low-teens [market-wide] growth in July GGR”.
July’s GGR data are due to be released on Friday (August 1) by the Macau government.
