MGM China reports growth in Q1 2025 with strong market share gains
MGM China has reported a robust start to 2025, driven by strong sequential growth in visitation, gaming revenue and EBITDA during the first quarter.
Key points:
– MGM China reported HK$8.0bn in Q1 2025 revenue, with adjusted EBITDA increasing 11% quarter-to-quarter to HK$2.4bn
– The company grew its overall GGR market share to 15.7% and achieved property visitation at 177% of 2019 levels
– MGM China updated its dividend policy to increase potential distributions from 35% to 50% of anticipated annual profits
MGM China has announced its first quarter 2025 financial results, showing sequential improvement in performance and market share gains amid Macau’s continued recovery.
The company reported net revenue of HK$8.0bn ($1.3bn) for the quarter ended 31 March 2025, representing a 1% increase from the previous quarter and reaching 139% of first quarter 2019 levels.
Adjusted EBITDA grew more significantly, rising 11% quarter-to-quarter to HK$2.4bn, reaching 146% of pre-pandemic levels.
The company’s adjusted EBITDA margin also improved to 29.6% from 26.8% in the previous quarter.
These results come as Macau’s tourism sector continues its recovery, with average daily visitor arrivals in the first quarter increasing 12% quarter-to-quarter to 109,585, recovering to 95% of the same period in 2019.
MGM China’s property visitation for the period was particularly strong at 177% of 2019 levels.
The company’s daily gross gaming revenue (GGR) reached 128% of the first quarter of 2019, with mass GGR (including slot) at 183% and VIP GGR at 43% of pre-COVID levels.
MGM China’s overall GGR market share grew to 15.7% in the first quarter, up from 15.5% in the previous period.
Good to know: The company maintained high occupancy rates at 93.3% for the period while strengthening its financial position with total liquidity of approximately HK$17.8bn as of 31 March 2025
During the quarter, MGM China also announced an update to its dividend policy, increasing potential distributions from 35% to 50% of anticipated consolidated annual profits, with semi-annual payments and the possibility of special distributions.
These positive results for MGM China come despite challenges for its parent company, MGM Resorts International, which reported a 2% decrease in overall revenue to $4.3bn for Q1 2025, with net income falling 37% to $149m.
MGM China’s performance is also notable within the context of Macau’s broader gaming market, which saw April GGR of MOP 18.59bn ($2.32bn), representing a modest year-on-year increase of 1.7% and marking the third consecutive month of growth for the region.
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