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MGM China reported its highest quarterly adjusted EBITDA ever in the second quarter of 2025, a major win for the Macau gaming operator in the fiercely competitive gaming industry. The operator posted an adjusted EBITDA of HK$2.51 billion (or US$320 million) for the quarter, an increase of 3 percent year on year. This was supported by a total revenue expansion of 9 percent, to HK$8.67 billion (or US$1.10 billion). EBITDA margin also improved, rising by around 172 basis points to 28.9 percent, demonstrating good control of operations in the quarter.
MGM Cotai Drives Growth
Its flagship property, MGM Cotai, was behind such stellar numbers. Cotai resort revenues increased 12 percent year over year to HK$5.28 billion (US$673 million), while adjusted EBITDA was up 5 percent at HK$1.46 billion (US$186 million). Growth was across the board in every segment of gaming, with VIP table games seeing the biggest growth. VIP table turnover grew 39 percent to HK$32.7 billion (approximately US$4.17 billion), with gross win almost doubling to HK$1.13 billion (US$144 million). This sharp rise in VIP activity largely propelled MGM Cotai’s financial momentum during the quarter.
Mixed Results at MGM Macau
In contrast, MGM Macau’s performance was more subdued. Overall revenue rose to 4 percent to HK$3.38 billion (about $431 million), which sounds great, but looking closely, the adjusted EBITDA fell a minimal 1 percent, landing at HK$975.7 million (roughly $124 million). The profitability decreased during a decline in VIP table games turnover, which fell 35 percent to HK$5.40 billion (US$688 million) and had a corresponding gross win of HK$158.5 million (US$20.2 million). In the meantime, slot machine handle was generally flat year-on-year, while the mass market segment improved modestly, with turnover up 4 percent to HK$14.8 billion (US$1.89 billion) and gross win up 11 percent to HK$3.27 billion (US$417 million).
Parent Company Experiences Overall Growth
These operational improvements in Macau supported the overall success of MGM Resorts International, the U.S.-based parent. MGM Resorts posted record consolidated net revenues of US$4.4 billion for Q2 2025, while consolidated adjusted EBITDA improved 2 percent to US$648 million. Net income was US$49 million, reflecting a strong operating foundation notwithstanding the challenging market conditions.
Executive Outlook
MGM Resorts President and CEO Bill Hornbuckle pointed to the company’s superior performance regionally, saying that the scale of operations and business diversity for the company facilitated year-over-year expansion. He particularly indicated the ramping up of EBITDA expansion from such ventures as BetMGM and record performance by MGM China and regional operations. Hornbuckle predicted a bright future for the business, focusing on sustained improvement in major aspects.
Looking Ahead: MGM China’s Bright Future
MGM China’s record quarter and increasing market share demonstrate the operator’s successful strategy in Macau’s high-roller gaming market. With VIP gambling registering strong increases, most notably at MGM Cotai, MGM is positioned for ongoing competitiveness. Macau’s mixed performances highlight the difficulty in balancing marketplace segments in the face of shifting customer trends.
As the casino industry faces the changing dynamics of its market, MGM’s emphasis on varied gaming options and operational excellence will be important in sustaining its growth in one of the world’s key gaming hubs.
Source: Inside Asian Gaming (IAG)
