MGM China captured a record 17.1% of Macau’s gaming market in the third quarter of 2026, as revenue at its two resorts rose 5% year-on-year to approximately HK$8.9 billion.
Adjusted EBITDA reached approximately HK$2.4 billion. According to the company, both revenue and adjusted EBITDA were the highest for any third quarter in its history.
The market share gain came in a weaker quarter for Macau as a whole. Daily gross gaming revenue across the market averaged MOP655 million, down 4% from a year earlier, which MGM China attributed to the temporary impact of the World Cup. Its own daily GGR rose 5% over the same period, while daily visitation to its properties increased 10%.
MGM Cotai Leads the Growth
MGM Cotai generated revenue of approximately HK$5.4 billion, up from HK$5.1 billion in 2025, and adjusted EBITDA of around HK$1.52 billion, compared with HK$1.46 billion a year earlier. The property accounted for 10.5% of Macau’s gaming market.
MGM Macau on the peninsula grew revenue to approximately HK$3.5 billion from HK$3.4 billion, but its adjusted EBITDA fell to about HK$865 million from HK$914 million. Its market share stood at 6.6%.
Hotel occupancy across the group rose to 94.1%, up from 93.5%.
“The higher-end market segment continues to drive growth,” said Kenneth Feng, Chief Executive Officer of MGM China.
The company has begun renovating around 100 suites at MGM Macau, following a suite conversion at MGM Cotai earlier this year.
Margins Slip Despite Record Revenue
Profit growth lagged behind revenue. Credit research firm CreditSights estimates that EBITDA rose only about 1% year-on-year, leaving the margin at 26.8%, 1.1 percentage points lower than a year earlier. Management continues to guide for margins in the mid-to-high 20% range.
CreditSights said MGM China’s leverage improved slightly during the quarter. It estimates free cash flow of $230-240 million, helped by an 11% year-on-year reduction in capital expenditure.
The company ended September with approximately HK$25.6 billion in liquidity, made up of cash and an undrawn revolving credit facility. MGM China has not said how it will handle its next dollar bond, due in February 2027. CreditSights expects it to refinance through the bond market or its revolver rather than pay the debt down.
Golden Week Momentum and Lingering Takeover Risk
The company pointed to continued momentum into the fourth quarter. Visitation to its Macau properties rose 10% year-on-year during the October Golden Week holiday.
CreditSights kept its Market perform recommendation on MGM China. It noted that although People Inc. dropped its bid to take parent company MGM Resorts private, the door to future deals has not been fully closed. The firm sees some lingering event risk at MGM China, given the parent’s openness to a change-of-control transaction and its weak share price.
MGM Resorts owns about 56% of MGM China.