MGM China 3Q revenue hits record US$1.14bln, EBITDAR down 7pct

Macau casino operator MGM China Holdings Ltd reported record quarterly net revenue of just under US$1.14 billion for the three months to September 30, up 4.6 percent from a year earlier. The company achieved a record quarterly market share of 17.1 percent, according to its parent, United States-based MGM Resorts International. MGM China’s third-quarter segment adjusted earnings before interest, taxation, depreciation, amortisation and rent (EBITDAR) declined by 7.0 percent year-on-year, to US$264.0 million, compared with US$284.0 million in the prior-year period. The company operates two casino resorts in Macau: MGM Macau, on the peninsula, and MGM Cotai (pictured), in the city’s Cotai district. MGM Resorts president and chief executive, Bill Hornbuckle, said in prepared remarks accompanying the group’s results that MGM China had achieved “5 percent revenue growth and strong market share performance” during the third quarter. The parent said in its Wednesday earnings release that intercompany branding licence fee expenses for MGM China increased by US$22 million year-on-year, to US$41 million in the third quarter. MGM China reported third-quarter casino revenue of US$981 million, an increase of 3.6 percent from a year earlier. Main-floor table games drop declined by 9.6 percent year-on-year, to US$3.68 billion, while main-floor table games win rose by 1.5 percent, to US$1.02 billion. The main-floor table games win percentage was 27.7 percent in the reporting period, compared with 24.7 percent a year earlier, according to the parent’s announcement. In a separate filing to the Hong Kong Stock Exchange on Thursday, MGM China reported total third-quarter revenue of nearly HKD8.93 billion (US$1.15 billion), up 4.9 percent year-on-year, based on International Financial Reporting Standards. The company said it had adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of just over HKD2.39 billion for the quarter, up 0.9 percent from a year earlier. Revenue at MGM Cotai rose 6.0 percent year-on-year, to slightly over HKD5.42 billion, while adjusted EBITDA increased by 4.4 percent, to HKD1.52 billion. At MGM Macau, third-quarter revenue increased by 2.3 percent year-on-year, to just over HKD3.47 billion. Adjusted EBITDA at the property fell by 5.4 percent, to HKD864.6 million. For the first nine months of 2026, MGM China recorded revenue of HKD26.32 billion, up 4.6 percent from a year earlier, according to its filing. Adjusted EBITDA for the period declined by 1.0 percent year-on-year, to HKD7.18 billion. At group level, MGM Resorts reported a net loss attributable to shareholders of US$17.1 million for the third quarter, compared with a loss of US$285.3 million a year earlier. Group-wide revenue declined by 0.9 percent year-on-year, to US$4.21 billion, while consolidated adjusted EBITDA fell by 20.4 percent, to US$402.8 million. As of September 30, MGM Resorts had cash and cash equivalents of US$2.4 billion, of which MGM China held US$598 million, and MGM Resorts had US$5.7 billion in principal amount of indebtedness, including US$2.3 billion related to MGM China, per the parent’s U.S. filing on Wednesday.