MGM China Holdings has reported record full-year results for 2025, with operating revenue climbing 10.8% year-on-year to HK$34.8bn ($4.44bn) and adjusted EBITDA reaching HK$10.0bn, also a record high and representing growth of 10.4% compared with the prior year.
Casino revenue, which accounts for the majority of the group's income, rose 11.7% to HK$30.5bn. Main floor gross table games win increased 10.2% to HK$31.5bn, driven by higher table games drop across both MGM Macau and MGM Cotai.
VIP gross table games win also grew strongly, up 19.5% to HK$4.8bn, though this was partly offset by a decline in VIP turnover volumes at both properties. Slot machine gross win rose 3.3% to HK$2.3bn.
MGM China FY2024 vs FY2025
Non-gaming revenue, covering hotel, food and beverage, retail and entertainment, increased 5.2% to HK$4.3bn, reflecting continued demand across the group's integrated resort offerings.
Overall gaming market share reached a record 16.1% for the year, up from 15.8% in 2024.
Profit attributable to owners grew 10.2% to HK$5.1bn, with basic earnings per share rising to HK133.5 cents from HK121.1 cents.
The board has recommended a final dividend of HK$0.353 per share, expected to be paid in early June 2026, bringing total dividends for the year to HK$0.666 per share.
The results add further context to figures already reported at the parent company level. MGM Resorts International's preliminary full-year 2025 results, released in February, identified MGM China as its second-highest revenue vertical, generating nearly $4.5bn for growth of 10.9%, with adjusted EBITDAR up 10.7% to just over $1.2bn.
MGM China operates two flagship integrated resorts in Macau – MGM Macau and MGM Cotai – both central to its market share growth strategy
