MGM China Reports 2025 First Quarter Results

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Sequential Growth in Adjusted EBITDA and Market Share

HONG KONG, May 1, 2025 /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 three months ended March 31, 2025 (the "Period").

The Group is pleased to see Macau's average daily visitor arrival in the first quarter up 12% quarter-to-quarter to 109,585, recovered to 95% of same period in 2019.

Gross gaming revenue (GGR) in Macau also saw sequential growth. Headline daily GGR rose 3% quarter-to-quarter to MOP641 million per day in the first quarter, represented 76% of same period 2019. Mass GGR (including slot) was estimated to have recovered to approximately 110% of pre-COVID levels. VIP GGR was estimated to be approximately 26% of the equivalent period. Sector EBITDA was estimated to reach nearly 80% of 2019 levels.

• MGM China continued to record sequential growth across segments. Property visitation for the Period was 177% of 2019. Daily GGR was 128% of the first quarter 2019. Mass GGR (including slot) and VIP GGR were 183% and 43% respectively of pre-COVID levels.
• Net revenue of the Group was HK$8.0 billion, up by 1% from previous quarter, reached 139% of first quarter 2019. 
• Adjusted EBITDA grew 11% quarter-to-quarter to HK$2.4 billion, represented 146% of the same period in 2019.
• Adjusted EBITDA margin for the Period also improved to 29.6% from 26.8% in previous quarter.
• MGM China saw overall GGR marketshare grew to 15.7% in the first quarter, up from 15.5% in the previous period. Estimated Mass (including slot) marketshare was 15.8% (24Q4: 15.7%) and VIP marketshare was 15.2% (24Q4: 13.8%).
• Average occupancy was 93.3% for the Period.
• MGM China maintained a healthy financial position. As of March 31, 2025, the Group had total liquidity of approximately HK$17.8 billion, comprised of cash and cash equivalents and available undrawn credit facilities.
• The Company has announced during the Period to update our dividend policy, intends to make semi-annual distributions in an aggregate amount per year that will not exceed 50% of the anticipated consolidated annual profits, increased from 35% previously. The Company may also declare special distributions from time to time in addition to the semi-annual distributions.

During the Period, MGM China has received again seven Forbes Travel Guide's Five-Star Awards, a recognition of our dedication to delivering exceptional experiences. MGM MACAU achieved its tenth consecutive Five-Star rating, Tria spas at both MGM MACAU and MGM COTAI earnt the distinction for the sixth consecutive year. The Company has garnered four Five-Star Awards across both properties for the fourth consecutive year: the Emerald Tower, the Skylofts and Sichuanese restaurant Five Foot Road at MGM COTAI, alongside the newly renovated Chinese Lingnan restaurant Imperial Court at MGM MACAU.

These achievements not only reinforce our leading position in Macau's hospitality sector but also strengthen Macau's appeal as a premier global destination for international travelers.

Kenneth Feng, President and Executive Director of MGM China said: "Our outstanding performance demonstrates our deep understanding of customers with continued improvements in service levels. It is also a testament to our team's continuous innovation in crafting compelling experiences for our customers."

In February, the POLY MGM MUSEUM has reached a milestone of receiving 500,000 visitors in just three months since it opened at MGM MACAU. The Museum showcases the brilliance of Chinese civilization to the global community with top-notch international exhibition standards, highlighting our devotion in developing cultural tourism as well as Macau's cultural essence as a world centre of tourism and leisure. The inaugural exhibition The Maritime Silk Road — Discover the Mystical Seas and Encounter the Treasures of the Ancient Trade Route has enjoyed widespread popularity and recorded a daily average over 10,000 visitors during the Chinese New Year period.

"We are delighted to see the diversification development of Macau. We are committed to bringing more unique and integrated experiences to our customers, to develop Macau into a global and diversified tourist destination through our concession commitments," 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 early 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