MGM Resorts International closed 2025 with year-on-year gains across its Macau business, posting $4.5 billion in annual net revenues at MGM China, an 11% increase from the prior year, and $1.2 billion in Adjusted EBITDAR, also an 11% jump.
During the fourth quarter, MGM China generated net revenues of $1.24 billion, up 21.4% year on year. Adjusted EBITDAR increased 30.5% to $332.3 million. Casino revenue for the quarter rose 23% to $1.09 billion.
Among the operator’s Macau properties, MGM Cotai recorded the highest growth rates in the period. Total revenue at the resort reached HK$6.14 billion ($786 million), an increase of 34.1% compared with the same quarter a year earlier. Adjusted EBITDAR at MGM Cotai climbed 55.0% to HK$1.88 billion ($241 million).
MGM Macau, located on the peninsula, reported total revenue of HK$3.48 billion ($445 million), up 4.1% year on year. Adjusted EBITDAR for the property declined 4.7% to HK$868 million ($111 million).
Sustained demand in Macau
The company has reported sustained momentum in the Macau market for the current year, with management pointing to the absence of a traditional seasonal slowdown ahead of major holidays such as the Chinese New Year (CNY).
MGM China CEO Kenneth Feng described the environment as a “new phenomenon”, noting that “even ahead of a holiday, there’s no slow period.” The remarks were made during MGM’s fourth-quarter earnings call on Thursday. “As to the Chinese New Year, we are very optimistic. We see very, very encouraging booking trends.”
Feng said on the latest call that while MGM China had “limited room inventory,” it was putting strong effort into “premium mass” players. He added: “We are very focused on quality over quantity and yield management is always our strength.
Consolidated group results
At the group level, MGM Resorts reported fourth-quarter net revenues of $4.6 billion, an increase of 6% from the prior-year period. Net income attributable to MGM Resorts rose 87% to $294 million. Consolidated Adjusted EBITDA totaled $635 million, up 20%.
“MGM Resorts once again saw the benefit of a diversified operational strategy, delivering Consolidated Adjusted EBITDA growth of 20% in the fourth quarter despite headwinds in Las Vegas,” said Bill Hornbuckle, president and CEO of MGM Resorts International.
Hornbuckle pointed to several business segments and projects when discussing the company’s position entering the new year.
“As we enter 2026, we are full of optimism for the future driven by the solid base of group and convention business and the completion of the MGM Grand renovations in Las Vegas, continued solid and unwavering results in our Regional Operations, premium mass leadership position at MGM China, double digit revenue growth in BetMGM North America Venture, and an international pipeline of long-term growth with MGM Osaka,” he said.
Original article: https://www.yogonet.com/international/news/2026/02/06/117484-mgm-china-reports-11-net-revenue-jump-in-2025-sustained-demand-ahead-of-chinese-new-year
