MGM China just posted the kind of quarter executives dream about. With revenues soaring and margins tightening, the company pulled in a record-breaking US$320 million in adjusted EBITDA during the three months ending June 2025 — its best quarterly result ever.
This wasn’t just a good quarter. It was historic. With a sharp uptick in VIP play and a strong performance from MGM Cotai, the firm has now secured a hefty 16.6% share of Macau’s gaming market — a slice few would have predicted even a year ago.
Cotai Lights the Fuse
If there’s one thing MGM can thank for its red-hot quarter, it’s Cotai.
The glitzy resort brought in US$673 million in revenue, up 12% year-on-year. Its adjusted EBITDA rose 5% to US$186 million. Not too shabby in a region where fluctuations are often sharp.
All segments were up, but Cotai’s crown jewel this quarter? The VIP tables.
• VIP turnover soared 39% to HK$32.7 billion (US$4.17 billion)
• Gross win nearly doubled to US$144 million
That kind of comeback in high-stakes gaming hasn’t been seen since before COVID-19. And it’s likely to put pressure on rivals like Galaxy Entertainment and Sands China to up their game.
Margins and Momentum
Numbers don’t lie. MGM’s EBITDA margin hit 28.9%, gaining nearly 2 percentage points year-on-year.
That might not sound earth-shattering — but in casino finance, where every basis point matters, it’s a big deal.
Margins this tight signal good cost control, solid mix of business, and rising customer spend. Even more importantly, they show that MGM is pulling away from some competitors who are still working to find their footing.
The company’s total revenue rose 9% year-on-year to US$1.10 billion, with the EBITDA rise of 3% suggesting a favourable mix rather than just sheer volume. Put simply: it’s not just about more visitors, it’s about the right visitors.
Breaking It Down: Cotai vs Peninsula
Here’s a quick look at how the two main MGM properties stack up this quarter:
| Property | Revenue (US$M) | EBITDA (US$M) | Revenue YoY % | EBITDA YoY % |
|---|---|---|---|---|
| MGM Cotai | 673 | 186 | +12% | +5% |
| MGM Macau (Peninsula) | 427 | 134 | +5% | +1% |
MGM Cotai is clearly pulling more than its weight. The Peninsula property — while still profitable — isn’t growing as fast. Still, any growth is welcome in a city only recently back on its feet after prolonged tourism restrictions.
VIP Is Back, Baby
It wasn’t long ago that VIP gaming in Macau looked like a thing of the past. Beijing’s anti-corruption push and junket crackdowns had the high-roller segment on life support.
Now? Not quite a renaissance, but definitely a revival.
The numbers speak volumes. MGM’s VIP turnover is up 39%, while the gross win nearly doubled. The implication here is huge — not just for MGM, but for Macau as a whole.
And it’s not just whales — mid-tier premium players are stepping up too. Insiders say that the Cotai property’s more discreet, high-luxury layout may be attracting new types of customers, many of whom are skipping the middlemen and gambling directly through casino-hosted programmes.
Parent Company Sees Bright Future
MGM Resorts International, the parent company, seems understandably pleased.
In Thursday’s earnings call, CEO Bill Hornbuckle said the Macau unit is “outperforming expectations and showing resilience beyond projections.”
There’s a cautious optimism in the air. Analysts were already bullish — but these numbers have turned cautious hope into confident bets.
Worth noting: this is the first time MGM China has cracked HK$2.5 billion in quarterly EBITDA. That’s more than a financial milestone; it’s a signal to investors that this isn’t a fluke — it’s a trend.
And when investors see a trend, they get interested fast.
What This Means for Macau’s Casino Race
So where does this leave MGM in the context of the six licensed casino operators in Macau? On the rise — and perhaps climbing faster than any of the rest.
A few implications are worth calling out:
• MGM’s 16.6% market share is higher than at any other point since Cotai opened
• This quarter could push other operators to ramp up VIP and premium mass strategies
• The Cotai model — glitzy but intimate — may set the tone for future developments
For a long time, Sands and Galaxy have dominated headlines. But MGM China’s numbers suggest a power shift could be underway. It’s not just about building bigger — it’s about making better bets. And this quarter, MGM’s wager clearly paid off.
