MGM China has announced unaudited financial results for the second quarter, revealing a period of significant growth that saw the company achieve record adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA).
During the second quarter, MGM China’s properties experienced a 12 per cent year-on-year increase in visitation, reaching 175 per cent of pre-Covid levels. Daily gross gaming revenue (GGR) for the period grew by 12 per cent year-on-year to 111.2 million patacas (US$13.7 million), up from 100.4 million patacas (US$12.4 million) in the first quarter.
The group reported net revenue of HK$8.7 billion (US$1.11 billion) for the second quarter, an increase from HK$8 billion (US$1.02 billion) in the same period last year. Adjusted EBITDA reached HK$2.5 billion (US$319.6 million), compared to HK$2.4 billion (US$306.9 million) in the second quarter of the previous year. The adjusted EBITDA margin for the period stood at 29 per cent.
Quarter-on-quarter, net revenue increased by 8.4 per cent, while adjusted EBITDA rose by 6.1 per cent, marking this quarter as a historical high for the company. The reported adjusted EBITDA has now surpassed 2019 pre-COVID levels by 172 per cent.
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MGM China also saw its market share expand to approximately 16.6 per cent in the period, up from 16 per cent a year prior. MGM Cotai accounted for approximately 10.5 per cent of the market share, with MGM Macau contributing approximately 6.2 per cent. Average occupancy across the group’s properties for the period was 94.5 per cent.
As of 30 June 2025, MGM China maintained a total liquidity of approximately HK$22.5 billion (US$2.88 billion), comprising cash and cash equivalents, and an undrawn revolving credit facility.
Kenneth Feng, president and executive director of MGM China, said “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.”
Feng added, “We are committed to bringing more unique and quality experiences to our visitors, to align our offerings with the Macao government’s vision to develop the city into a global and diversified tourist destination.”
