MGM China recorded its highest quarterly revenue and an all-time-high Macau market share during Q3 ended September 30, 2026. Total revenue reached HK$8.93 billion, equivalent to US$1.14 billion, while market share climbed to 17.1%.
This robust performance was achieved against the backdrop of a recent downturn across the wider Macau gaming market, demonstrating strong resilience and operational efficiency.
Stronger gaming hold percentages across both MGM Cotai and MGM Macau underpinned the positive revenue results. Overall revenue rose 5% year-on-year and 3.5% compared to the preceding quarter. However, this top-line growth did not translate into higher Segment Adjusted EBITDAR, influenced by corporate fee adjustments. The underlying property results effectively illustrated how elevated win percentages successfully compensated for softer table turnover in several operating categories.
Higher branding fees weigh on segment earnings
Segment Adjusted EBITDAR declined 7% to US$264 million, down from US$284 million in the third quarter of 2025. According to parent enterprise MGM Resorts International, the earnings contraction was directly influenced by a US$22 million increase in the intercompany branding license fee charged to MGM China. Consequently, this higher corporate fee explains the divergence between record-breaking revenue generation and lower segment earnings.
MGM Cotai capitalizes on mass win retention
MGM Cotai delivered total revenue of HK$5.42 billion, representing a 6.0% year-on-year increase. Mass gaming floor win rose 1.4% to HK$4.61 billion, even though total table games drop experienced a decline. The mass win percentage expanded significantly to 28.4% from 26.2%, successfully absorbing the reduction in table activity. Meanwhile, VIP table games win decreased 4.4% to HK$911.2 million with a stable win rate. Slot operations excelled as slot win nearly doubled to HK$556.8 million, supported by a 47.4% expansion in handle and an improved slot win rate of 3.7%.
MGM Macau achieves gains on strong hold rates
At MGM Macau, mass gaming floor win grew 2.2% to HK$3.40 billion. This expansion occurred despite a 12.8% contraction in table drop, driven by a higher win rate that increased to 26.9% from 23.0%. VIP table games win reached HK$155.2 million, marking a 30.7% surge despite lower turnover, with the VIP win percentage improving to 3.2% from 2.0%. Slot win advanced 21.7% to HK$315.8 million, backed by increased handle and stronger retention rates.
Parent company reports narrowed net loss
On a consolidated level, MGM Resorts International reported third-quarter revenue of US$4.2 billion, down 1% year-on-year. Attributable net loss narrowed significantly to US$17 million compared to US$285 million in the prior-year period, while consolidated Adjusted EBITDA stood at US$403 million.
President and CEO Bill Hornbuckle noted that lower third-quarter room rates impacted results, though October experienced a favorable rebound. Hornbuckle also emphasized that trailing twelve-month Las Vegas Strip Segment Adjusted EBITDAR has grown nearly 70% since 2019. Highlighting the advantages of a diversified portfolio, he pointed to MGM China’s expansion alongside strong contributions from BetMGM North America and MGM Digital, while reaffirming the company’s long-term vision anchored by integrated resorts and the upcoming MGM Osaka development.
