MGM China's Q1 2025 financial results reveal ongoing expansion and progress.
A Sizzling Start for MGM China in 2025: Booming Revenue, Increased Market Share, and Rising Above Challenges
In the opening act of 2025, MGM China has served up some impressive numbers, showcasing a robust 1% growth over the previous quarter to reach HK$8.0 billion (US$1.3 billion) in net revenue. This figure mirrors a staggering 139% of Q1 2019 levels - a clear testament to the ongoing resurgence of Macau's tourism and gaming sectors.
The team at MGM China didn't stop there. Adjusted EBITDA saw a significant 11% quarter-over-quarter leap to HK$2.4 billion, or 146% of pre-pandemic levels. Their EBITDA margin also expanded, beaming from 26.8% to a gleaming 29.6%.
Macau's broader recovery played a crucial role in this growth, with average daily visitor arrivals climbing 12% from the prior quarter to 109,585, now nearly touching the 95% mark of Q1 2019 levels. MGM China emerged as a shining star, outperforming remarkably with property visitation soaring to 177% of its pre-COVID benchmark.
The gaming segment also delivered a strong performance. Daily gross gaming revenue (GGR) reached 128% of Q1 2019 levels, propelled by the mass market GGR (including slots) skyrocketing to a stunning 183%. The VIP GGR also made a commendable recovery, inching to 43% of 2019 levels. MGM China's GGR market share edged up to 15.7%, compared to 15.5% the previous quarter.
Boosting confidence, MGM China revamped its dividend policy during the quarter, with the potential payout now set to range from 35% to an impressive 50% of expected consolidated annual profits. Payments will now be made semi-annually, leaving room for special dividends.
In stark contrast, parent company MGM Resorts International reported a 2% decline in revenue to US$4.3 billion and a 37% drop in net income to US$149 million for the same period.
MGM China's impressive performance shines brightly within Macau's gaming landscape, where April GGR reached MOP 18.59 billion (US$2.32 billion), up 1.7% year-over-year, marking the region's third consecutive month of growth.
MGM China's dazzling success can be attributed to strategic decision-making and favorable market dynamics, including:
- Segment Expansion: Achieved a 15.7% overall market share, with mass and VIP shares at 15.8% and 15.2% respectively - marking a notable increase from 13.8% in VIP during Q4 2024.
- Mass Market Dominance: Mass GGR soared to 183% of pre-pandemic levels, outpacing Macau’s total GGR recovery to 139%.
- VIP Recovery: VIP GGR improved to 43% of 2019 levels, a reflection of the gradual resurgence of high-rollers.
- Strategic Pricing and Service: Adjusted EBITDA surged 11% sequentially to HK$2.4B (146% of 2019 levels), with margins expanding to 29.6% through cost optimization and premium service delivery.
- Cultural Tourism Focus: Investments in non-gaming experiences, such as entertainment and dining, attracted a broader customer base, aligning with Macau’s diversification goals.
- Operational Scale: Net revenues reached HK$8.0B, supported by improved hotel occupancy and table yield efficiency.
In addition to these factors, Macau's tourism rebound and increased international visitation, facilitated by relaxed visa policies and increased flight capacity, also played a significant role in MGM China's outstanding performance.
- In 2025, MGM China's net revenue reached an impressive HK$8.0 billion (US$1.3 billion), surpassing Q1 2019 levels by 139%, as highlighted in the industry's finance and business sectors.
- The average daily visitor arrivals in Macau climbed 12% from the previous quarter, reaching 109,585 in 2025, with MGM China outperforming remarkably in property visitation, at 177% of its pre-COVID benchmark.
- MGM China's GGR market share edged up to 15.7% in 2025, as the gaming segment delivered a strong performance, with the mass market GGR (including slots) skyrocketing to a staggering 183% of Q1 2019 levels.
- MGM China revamped its dividend policy in 2025, setting the potential payout to range from 35% to an impressive 50% of expected consolidated annual profits, with payments now made semi-annually and room for special dividends.
