MGM China posts lower Q2 revenue amid mixed Macau performance
MGM Macau weighed on second-quarter and first-half earnings, although higher revenue from MGM Cotai helped lift first-half group revenue.
Macau.- MGM China has reported a 7.4 per cent year-on-year decline in adjusted EBITDA for the second quarter, as earnings weakened despite broadly stable revenue across Macau casino operations. Revenue for the three months ended June 30 totalled HK$8.63bn (US$1.10bn), compared with HK$8.67bn (US$1.11bn) a year earlier, while adjusted EBITDA declined to HK$2.33bn (US$298m).
Performance at the group’s two integrated resorts was mixed. MGM Macau generated HK$3.35bn (US$428m) in revenue, while adjusted EBITDA fell 15.4 per cent to HK$825.5m (US$106m). Main-floor table drop decreased 14 per cent to HK$12.76bn (US$1.63bn), although the win percentage improved to 25.1 per cent from 22 per cent.
VIP table turnover rose to HK$8.20bn (US$1.05bn), while slot machine gross win increased to HK$288.5m (US$37m). Hotel occupancy reached 92.9 per cent, with revenue per available room (RevPAR) of HK$2,498 (US$319).
At MGM Cotai, revenue was broadly unchanged at HK$5.28bn (US$675m), while adjusted EBITDA declined 2.3 per cent to HK$1.50bn (US$192m). Main-floor gross table games win increased 5 per cent to HK$4.93bn (US$630m). However, VIP table turnover fell nearly 30 per cent to HK$22.97bn (US$2.94bn), leading to a 44 per cent drop in VIP gross table games win.
Slot machine gross win rose to HK$392.9m (US$50m), while occupancy stood at 93.2 per cent and RevPAR reached HK$2,186 (US$280).
First half results
For the first six months of 2026, MGM China recorded revenue of HK$17.39bn (US$2.22bn), up 4.4 per cent from HK$16.66bn (US$2.13bn) a year earlier. Revenue from MGM Macau increased to HK$6.79bn (US$867m), while MGM Cotai contributed HK$10.61bn (US$1.36bn).
First-half adjusted EBITDA declined 1.9 per cent to HK$4.78bn (US$611m), as lower earnings at MGM Macau, where EBITDA fell to HK$1.66bn (US$212m), offset an increase at MGM Cotai, whose adjusted EBITDA rose to HK$3.13bn (US$400m) from HK$3.00bn (US$384m).
Looking ahead, Kenneth Feng, MGM China chief executive officer, said the company would continue investing in its properties as part of its long-term growth strategy. The group is set to begin renovating around 100 suites at MGM Macau following the completion of suite conversions at MGM Cotai earlier this year, in a bid to further strengthen the complementary positioning of its two integrated resorts.
