MGM China Reports 2025 Annual Results
Revenue, Adjusted EBITDA and Marketshare
Continued to Grow to All-Time High
HONG KONG, Feb. 5, 2026 /PRNewswire/ -- MGM China Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the "Group") for the 12 months ended December 31, 2025 (the "Year").
The Group is pleased to see Macau continuing to grow in 2025. The city welcomed a record visitation of approximately 40 million in 2025, up from 34.9 million in 2024. Daily visitation was up 15% to 109,779.
Gross gaming revenue (GGR) also continued to grow last year. Full-year industry GGR was up 9% year-on-year to approximately MOP247 billion or daily MOP678 million in 2025, representing 85% of 2019. Each subsequent quarter delivered sequential acceleration of 1%, 8%,13% and 15% growth respectively in 2025.
- MGM China saw record growth in various business segments in 2025. Property visitation rose 14% year-on-year. Daily GGR was up 11%.
- Net revenue of the Group grew by 11% year-on-year to HK$34.8 billion in 2025.
- Adjusted EBITDA also grew by 10% to historical high of HK$10 billion in 2025. The Group maintained adjusted EBITDA margin at 28.8% (2024: 28.9%), with a mass-focused business and sustaining operational efficiency.
- MGM China saw market share at new high of 16.1%, further climbed from 15.8% in 2024. MGM COTAI market share was 10.1% and MGM MACAU was 6.0%.
- The Group maintained a healthy financial position. As of December 31, 2025, the Group had a total liquidity of approximately HK$24 billion, comprised of bank balances and cash and undrawn revolver.
MGM continues its hospitality legacy with seven five-star awards by Forbes Travel Guide 2025, featuring the team's dedication to delivering exceptional experiences.
During the Year, MGM MACAU introduced Alpha Villas with a total of 28 keys. Together with launch of Alpha Club also at the Peninsula property and completion of other refurbishment projects, MGM MACAU provides an elevated experience especially for premium customers, reflecting our understanding of their latest tastes and trends.
Our residency show Macau 2049 at MGM COTAI, jointly created by MGM and acclaimed director Zhang Yimou, was awarded the Weibo Cultural Tourism IP Award at the 2025 "Weibo Travel Night". The award reaffirms our achievements in cultural tourism communication and underscores our support for developing Macau as a platform for exchange and cooperation, where Chinese culture is the mainstream while diverse cultures coexist. Since its premiere, Macau 2049 has attracted an international audience with over 30% coming from overseas, a remarkable testament to its expanding global appeal and its ability to spark worldwide interest in traditional Chinese culture.
At MGM MACAU, POLY MGM MUSEUM reached a remarkable milestone by welcoming its one-millionth visitor in November last year. Spanning across nearly 2,000 square meters, the museum is meticulously built to meet national standards for exhibiting Grade-One cultural relics. It blends traditional craftsmanship with advance technology to create an immersive and world-class cultural experience for visitors.
The inaugural exhibition - The Maritime Silk Road – Discover the Mystical Seas and Encounter the Treasures of the Ancient Trade Route – was awarded the International and Hong Kong, Macao, Taiwan Cooperation Award by "Top Ten Museum Exhibitions" in China. The museum is currently presenting its second exhibition - Silk Roads Beyond Borders - which traces the history of the overland Silk Road through more than 200 historical artifacts and contemporary artworks. Through imaginative curatorial storytelling, the exhibition recreates a dialogue between past and present, inviting visitors on a cultural journey that transcends time and space.
Kenneth Feng, Chief Executive Officer of MGM China said: "We are excited to see MGM China being a solid outperformer in the market, ending the year with record-high growth across various business segments. We are proud to have maintained solid marketshare of over 16% for the full year, as our operating team continues to command a strong understanding and relationship with the premium customer driving the market."
Following the launch of Alpha Villas, MGM COTAI has begun converting rooms into approximately 60 new suites, further strengthening the complementary positioning of our properties - with MGM MACAU as the leading property on the Peninsula and MGM COTAI as the preferred destination for premium customers.
"We are committed to creating quality experiences for our visitors, aligning our offerings with the Macau Government's vision to develop the city into a global and diversified tourist destination. With more non-gaming and entertainment events taking place across Macau, we believe people will have even more reasons to visit, driving long-term and sustainable growth for the city," said Kenneth Feng.
About MGM China Holdings Limited
MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in 2018 and more than doubles our presence in Macau.
MGM China is majority owned by MGM Resorts International (NYSE: MGM) one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, ARIA, MGM Grand, Mandalay Bay and Park MGM. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.
SOURCE MGM China
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