MGM China reports all-time third quarter EBITDAR record in 3Q25 on US$1.1 billion in revenues
Summary
MGM China posted a third-quarter record for Adjusted EBITDAR, which rose 20% year-on-year to HK$2.37 billion (US$305 million), driven by a 20% YoY increase in total revenue to HK$8.51 billion (US$1.10 billion). The gain was largely powered by an 18% increase in main floor table games drop; casino revenue rose 18% to US$947 million.
Quarter-on-quarter results were slightly softer: Adjusted EBITDAR fell 6% from Q2 and revenues slipped 2% versus the June quarter. MGM’s Macau market share eased to 15.5% from 16.6% in Q2 but remains well above pre-COVID levels.
By property, MGM Cotai led growth (revenues up 22% YoY, Adjusted EBITDAR up 23%) with significant VIP and mass table volume gains. MGM Macau also improved (revenues +12%, Adjusted EBITDAR +14%). For the first nine months of 2025, group revenues are up 7% to HK$25.2 billion and Adjusted EBITDAR up 5% to HK$7.25 billion. CEO Bill Hornbuckle flagged the Macau performance as a record highlight within MGM Resorts’ consolidated results.
Key Points
- Adjusted EBITDAR: HK$2.37 billion (US$305 million), +20% year-on-year — an all-time third-quarter high.
- Total revenue: HK$8.51 billion (US$1.10 billion), +20% year-on-year; casino revenue +18% to US$947 million.
- Quarter-on-quarter: Adjusted EBITDAR down 6% (from HK$2.51bn) and revenues down 2% (from HK$8.67bn).
- MGM market share in Macau fell to 15.5% in 3Q25 from 16.6% in 2Q25 but remains well above sub-10% pre-COVID levels.
- MGM Cotai: revenues HK$5.12bn (US$659m), +22% YoY; Adjusted EBITDAR HK$1.46bn (US$188m), +23% YoY. VIP turnover +44% to HK$21.7bn; mass table drop +31% to HK$17.4bn (win rate 26.2%).
- MGM Macau (peninsula): revenues HK$3.39bn (US$436m), +12% YoY; Adjusted EBITDAR HK$914.4m (US$118m), +14% YoY. Mass table drop +7% to HK$14.5bn with improved win rate of 23.0%.
- 9M25 combined: total revenues HK$25.2bn (US$3.24bn), +7% YoY; Adjusted EBITDAR HK$7.25bn (US$933m), +5% YoY.
- CEO Bill Hornbuckle highlighted the record Macau results as a key contributor to consolidated net revenue growth for MGM Resorts.
Why should I read this
Short version: if you track Macau, casino operators or gaming stocks, this is pretty important. MGM China just posted record Q3 EBITDA-style results and Cotai is the engine — VIP and mass are both firing. It tells you demand and spending in Macau are robust again, and that MGM’s post-COVID recovery is real. Worth a quick skim for the headline numbers and what they mean for market share and investor sentiment.
