MGM China - In 2025, MGM China reported net revenues of $4.5bn, up 11% year-on-year, with Adjusted EBITDAR also increasing 11% to US$1.2bn. Fourth quarter results underlined continued outperformance, as net revenues rose 21.4% to US$1.24bn and casino revenue grew 23%. MGM Cotai remained a key driver of growth, delivering strong revenue and EBITDAR gains in Q4. During the year, the company enhanced its premium mass positioning with the launch of the ultra high end Alpha Club and the completion of 28 Alpha Villas at its peninsula property MGM Macau.

Sands - In FY2025, Sands generated operating income of $2.82bn, an increase from US$2.40bn the previous year. Marina Bay Sands was a standout performer, with Adjusted Property EBITDA in Q4 alone surging 50.1% year-on-year to a record $806m, reflecting the continued success of its premium suite and service enhancements. In Macau, Sands China reached a significant milestone, welcoming more than 1.1 billion guests across its integrated resorts to date, underlining its long standing presence and broad appeal in the region.