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MGM China Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Net revenues for the third quarter ended September 30, 2025, reached HK$8.51 billion, up from HK$7.25 billion year-over-year, driven by strong main floor table games performance at both MGM Macau and MGM Cotai.
Adjusted EBITDA for the quarter was HK$2.37 billion, an increase from HK$1.98 billion in the prior year period.
MGM China achieved record third-quarter Segment Adjusted EBITDAR and a market share of 15.5%.
Financial highlights
MGM Macau revenue for the quarter was HK$3.39 billion, while MGM Cotai contributed HK$5.12 billion.
Total Adjusted EBITDA for the nine months ended September 30, 2025, was HK$7.25 billion, up from HK$6.93 billion year-over-year.
Segment Adjusted EBITDAR for the third quarter was $284 million, up 20% from $237 million in the prior year quarter.
Net revenues for the third quarter were $1.09 billion, a 17% increase from $929 million in the prior year quarter.
Outlook and guidance
Management highlights continued growth in main floor table games drop and win, supporting positive momentum.
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Frequently asked questions
MGM China Holdings Limited is a Macau-based company specializing in the development, ownership, and operation of casino resorts. The company operates integrated resorts that offer a combination of gaming facilities, luxury accommodations, dining, retail, and entertainment options. The company is headquartered in Macau, China, and its shares are listed on the Hong Kong Stock Exchange.
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