MGM China has announced its latest financial results, reporting net revenue of approximately HK$8.9 billion for the third quarter of this year, representing a 5% year-on-year increase. Adjusted EBITDA recorded approximately HK$2.4 billion, up 1.3% year-on-year. Both revenue and adjusted EBITDA reached all-time highs. As of the end of September, the group’s total liquidity stood at approximately HK$25.6 billion, maintaining a healthy financial position.
MGM China outperformed its peers in the third quarter, with daily visitor volume up 10% year-on-year. Both daily gross gaming revenue and mass market gross gaming revenue (including slot machine operations) increased by 5% year-on-year, while its market share climbed to a new record high of 17.1%. Among its properties, MGM Cotai recorded revenue of approximately HK$5.4 billion with an adjusted EBITDA of around HK$1.52 billion; MGM Macau recorded revenue of approximately HK$3.5 billion with an adjusted EBITDA of around HK$860 million. Overall hotel occupancy also rose to 94.1%, up from 93.5% in the same period last year.
The positive business momentum extended into the fourth quarter, with hotel visitor numbers during the October Golden Week holiday increasing by 10% year-on-year. Kenneth Feng, Chief Executive Officer of MGM China, stated that the premium market segment continues to drive business growth, with strong positive customer reception to the upgraded premium offerings. Following the completion of suite renovations at MGM Cotai earlier this year, the group has initiated a renovation project for approximately 100 suites at MGM Macau. This project aims to optimize its asset portfolio and reinforce the complementary positioning of its properties—establishing MGM Macau as a landmark on the peninsula and MGM Cotai as the preferred destination for premium travelers, fully supporting Macau’s development into a world-class, diversified tourism destination.
