MGM China Q1 2025 results show continued growth

MGM China has released its financial results for the first quarter of 2025, highlighting sequential growth and increased market share as Macau’s tourism and gaming sectors continue to rebound.

For the quarter ending 31 March 2025, MGM China posted net revenue of HK$8.0 billion (US$1.3 billion), up 1% from the previous quarter and reaching 139% of Q1 2019 figures.

Adjusted EBITDA saw a more substantial rise of 11% quarter-over-quarter to HK$2.4 billion, or 146% of pre-pandemic levels. The company’s EBITDA margin also improved, increasing from 26.8% to 29.6%.

Macau’s broader recovery supported this growth, with average daily visitor arrivals climbing 12% from the prior quarter to 109,585 – now at 95% of Q1 2019 levels. MGM China outperformed significantly, with property visitation hitting 177% of its pre-COVID benchmark.

Gaming performance was also strong. Daily gross gaming revenue (GGR) reached 128% of Q1 2019 levels, driven by mass market GGR (including slots) surging to 183% and VIP GGR reaching 43%. The company’s GGR market share edged up to 15.7%, compared to 15.5% the previous quarter.

In a further sign of confidence, MGM China revised its dividend policy during the quarter, raising the potential payout from 35% to 50% of expected consolidated annual profits. Payments will now be made semi-annually, with room for special dividends.

These gains contrast with a softer quarter for parent company MGM Resorts International, which 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 performance stands out within Macau’s broader gaming landscape, where April GGR reached MOP 18.59 billion (US$2.32 billion), up 1.7% year-over-year and marking the region’s third straight month of growth.