Fourth-quarter net revenue at Macau casino operator MGM China Holdings Ltd rose 21.4 percent year-on-year, to just under US$1.24 billion. That is according to unaudited preliminary data released on Wednesday by its United States-based parent, MGM Resorts International.
MGM China had a trading halt on the Hong Kong Stock Exchange at 9am on Thursday. That event coincided with the U.S. parent saying it had “inadvertently” the previous day, released fourth-quarter numbers for the group. The results had been scheduled for February 12.
MGM China said in a follow-up filing at 10.20am on Thursday after the market opened, that its trading halt was “pending the release of an inside information announcement in relation to certain financial information of the company which is price sensitive in nature”.
In a 12.16pm filing to the Hong Kong bourse, MGM China said it had resumed trading, and reissued the preliminary figures that had been announced in the U.S.
Based on MGM Resorts’ official filing to Nasdaq on Wednesday, in the three months to December 31, the Macau unit had adjusted earnings before interest, taxation, depreciation, amortisation and rent (EBITDAR) of just under US$332.3 million, an increase of 30.5 percent from the same quarter a year earlier.
Anne Ling and Jingjue Pei, analysts at brokerage Jefferies, said in a Wednesday note regarding fourth-quarter MGM China net revenue and adjusted EBITDAR, that “compared to Jefferies estimates”, they were “3-percent and 5-percent better,” respectively.
The numbers took MGM China’s full-year 2025 net revenue to US$4.46 billion, up 10.9 percent year-on-year.
Full-year adjusted EBITDAR was US$1.20 billion, a year-on-year rise of 10.7 percent. The Macau unit runs the MGM Macau resort on Macau peninsula, and MGM Cotai (pictured) in the city’s Cotai district.
The MGM Resorts parent had fourth-quarter consolidated net revenue of US$4.61 billion, a gain of just under 6.0 percent; and full-year consolidated net revenue of nearly US$17.54 billion, up 1.7 percent.
The parent’s fourth-quarter consolidated adjusted EBITDAR was just below US$635.3 million, an increase of 20.2 percent year-on-year.
MGM Resorts’ full-year consolidated adjusted EBITDAR came in at just under US$2.43 billion, a 0.6 percent improvement year-on-year.
The parent said in Wednesday’s filing: “On February 4, 2026, MGM Resorts International inadvertently posted certain preliminary financial information for the fourth quarter and full year ended December 31, 2025.”
The U.S. firm added: “This preliminary financial information is subject to completion of the company’s financial closing procedures.”
Seaport Research Partners’ senior analyst Vitaly Umansky wrote in a Wednesday memo: “MGM disclosed its fourth-quarter results in the press release for the ‘BetMGM full-year 2025 business update’.
Mr Umansky added, regarding MGM China’s fourth quarter and based on the preliminary numbers: “In Macau, net revenue of US$1.24 billion (+21.4 percent) beat our estimate by 3 percent and consensus by 13 percent.”
He added: “There is no clarity as to what drove the beats, but we expect high hold in Macau.”
(Updated: 12.30pm, February 5)
