MGM China sees record results in 3Q25, boosted by increase in main floor table games drop
Summary
MGM China posted record third-quarter results with a record segment-adjusted EBITDAR and a market share of 15.5%. Net revenues for 3Q25 were $1.08 billion, up 17% year-on-year, driven principally by an 18% rise in main floor table games drop to $4.07 billion. Segment-adjusted EBITDAR rose to $283.99 million from $237.35 million in 3Q24.
MGM Cotai saw particularly strong VIP activity: VIP table games turnover jumped to HK$21.69 billion ($2.79 billion) from HK$15.04 billion a year earlier, and average win per VIP table rose sharply. Cotai revenue increased to HK$5.11 billion and adjusted EBITDA to HK$1.45 billion.
MGM Macau on the peninsula recorded revenue growth to HK$3.39 billion and adjusted EBITDA of HK$914.43 million. Peninsula VIP play weakened year-on-year, but main-floor table games drop and gross win both increased.
Key Points
- Net revenues rose to $1.08bn in 3Q25, a 17% increase versus 3Q24.
- Main floor table games drop increased 18% to $4.07bn, the primary driver of revenue growth.
- Segment-adjusted EBITDAR climbed to $283.99m from $237.35m in 3Q24.
- MGM Cotai saw VIP turnover surge to HK$21.69bn and higher average VIP table wins; Cotai revenue reached HK$5.11bn.
- MGM Macau peninsula revenue rose to HK$3.39bn despite a decline in VIP turnover; main-floor drop and gross win improved.
- Overall market share reported at 15.5%, signalling a strong position in Macau’s recovery phase.
Why should I read this?
Short version: MGM China just had a stellar quarter — mainly because walk-up (main-floor) players put more cash through the tables and Cotai’s VIPs got busy. If you track Macau gaming trends, operator performance or are watching the sector for investment or competitive intel, this one’s worth a quick skim. We’ve trimmed the detail so you don’t have to sift through the full results — hit the source if you want the full numbers.
