MGM China Q2 EBITDA climbs to HK$2.5bn as market share hits 16.6%
Market share reaches 16.6% amid 12% rise in daily GGR and ongoing tourism rebound.
Key points:
– MGM China reports Q2 2025 adjusted EBITDA of HK$2.5bn, up 6.1% quarter-on-quarter
– Daily GGR rose 12% year-on-year to MOP111.2m; visitation up 12% vs Q2 2024
– Macau market share climbed to 16.6%, up from 16.0% a year earlier
MGM China has reported record Q2 2025 results, posting its highest ever quarterly adjusted EBITDA of HK$2.5bn ($319m) – up 6.1% from the previous quarter and a 4.2% increase year-on-year.
The company’s net revenue also rose to HK$8.7bn, representing an increase of 8.75%.
Daily gross gaming revenue (GGR) reached MOP111.2m ($13.8m), a 12% increase. Macau’s broader market GGR for the period grew 8% to MOP671.6m per day. MGM China’s Q2 performance marks 172% of its pre-pandemic EBITDA levels from 2019.
Visitation to MGM China properties grew 12% compared to Q2 2024, reaching 175% of Q2 2019 levels. Group-wide average occupancy for the quarter was 94.5%.
The company’s Macau market share expanded to 16.6% in Q2 2025, compared to 15.7% in Q1 and 16.0% in Q2 2024. Within this, MGM COTAI accounted for approximately 10.5%, while MGM MACAU contributed 6.2%. The Group ended the quarter with HK$22.5bn in total liquidity.
Good to know: MGM completed its Alpha Villas development at MGM Macau in Q2. All 28 villas were made available in July
Beyond gaming, MGM China hosted several large-scale cultural and sporting events. These included the third edition of the MGM x RR1HK Culinary Masters Macau and the MGM Artistic Swimming Elite Extravaganza, co-organised with the Macau government.
Its residency show, Macau 2049, surpassed its 100th performance in May, earning recognition from the China Association of Amusement Parks and Attractions and Weibo Cultural Tourism.
On a broader level, parent company MGM Resorts International reported consolidated net revenues of $4.4bn in Q2 2025, up 2%. MGM China contributed $1.1bn to this total, up 9% from Q2 2024. Segment Adjusted EBITDAR rose 3% to $301m.
The company’s BetMGM joint venture also saw strong performance, prompting an upgrade in full-year guidance. MGM repurchased 8 million shares during the quarter, reducing outstanding shares by 45% since 2021.
These latest figures follow MGM China’s Q1 2025 results, when it reported HK$8.0bn in revenue and HK$2.4bn in adjusted EBITDA. Market share in Q1 stood at 15.7%, with visitation then reaching 177% of 2019 levels.
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