MGM China reports unaudited first-half revenue growth of 4 percent

MGM China published unaudited financials yesterday after its US-listed parent released quarterly numbers. The Hong Kong-traded company reported topline growth of 4.2 percent during the first half of the year, which coincided with a 7 percent increase in property visitation. Daily gross gaming revenues (GGR) rose 5 percent to 111 million patacas (US$13.8 million).

At the property level, revenues at MGM Macau rose 3.8 percent while MGM Cotai saw an increase of 4.7 percent. Consolidated market share was 15.9 percent, with 6.2 percent coming from the peninsula operation and 9.7 percent from the Cotai property.

MGM China: nascent recovery

The reported adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) slipped 1.9 percent, pulling EBITDA margins down 180 basis points to 27.5 percent from 29.3 percent twelve months earlier.

In addition to a competitive operating market, MGM China cited a lower VIP win rate of 2.6 percent from 3.5 percent, negatively impacting earnings. As of June 30, 2026, the Group had total liquidity of approximately HK$24.7 billion (US$3.6 billion).

[See more: Macao’s gambling revenues set for an August pickup: Jefferies]

Echoing similar comments released by Sands China last week, MGM China noted a nascent recovery following the conclusion of this summer’s FIFA World Cup games. Analysts at Jefferies, a brokerage, reported that average daily visitors and normalised GGR on the MGM properties have already exceeded the first quarter’s pre-World Cup levels.

Sector outlook

For the industry, the investment house is penciling GGR growth of 2 percent in the third quarter and 4 percent for the fourth quarter. For the month of July, Jefferies forecasts GGR to contract 8 percent versus the market’s estimate of a 6 percent drop. 

Looking past the soccer tournament’s impact, Jefferies says that a low- to mid-single-digit GGR reading against double-digit growth last year would represent a solid outcome for Macao’s gambling revenues and help restore market confidence in the medium term. 

According to the investment house, MGM China reiterated its confidence that operational margins would remain in the mid- to high-20s percentage range.