MGM China delivered strong fourth-quarter results in 2025, fortifying its position as one of the best-performing casino operators in Macau and providing the main growth engine for parent company MGM Resorts International.
The Macau unit reported net revenue of $1.2 billion for the quarter, up 21 percent year-on-year, led by higher casino volumes and continued strength in premium-mass gaming. Casino revenue rose 23 per cent to $1.1 billion, supported by a decrease in main-floor table games and improved market share.
Adjusted EBITDAR at MGM China reached a record $332 million, compared with $255 million in the same period a year earlier. The result shows the company’s improving operating leverage and its ability to capture higher-quality demand in a market that has increasingly shifted away from junket-driven VIP play.
Outperform recommendation for MGM China
CreditSights said the fourth-quarter performance underlined MGM China’s leadership among high-yield Macau gaming operators. The ratings agency reiterated its “outperform” recommendation on MGM China, naming it its top pick within the sector, ahead of Wynn Macau, Melco and SJM’s Studio City.
CreditSights said MGM China’s credit profile has now moved past pre-pandemic levels. It noted that MGM China is the only high-yield casino operator in Macau to have restored leverage metrics above those seen in 2019, helped by stronger operating performance and tighter cost discipline.
Alongside the rebound in land-based gaming, digital entertainment platforms offering free casino games have also grown in popularity among players seeking accessible online experiences tied to major casino brands.
The firm also flagged the early release of the results, after MGM Resorts accepted it had disclosed preliminary fourth-quarter and full-year figures ahead of schedule during BetMGM’s 2025 update. CreditSights said the timing ultimately proved immaterial, as MGM China delivered a strong quarter.
Macau’s strong showing stood in contrast to more mixed conditions elsewhere in the group. MGM Resorts reported consolidated fourth-quarter revenue of $4.61 billion, up 5.9 percent year-on-year, with adjusted EBITDA rising 20.2 percent to $635.3 million. Much of that improvement was attributed to MGM China’s contribution.
Las Vegas operations remained under pressure during the quarter, reflecting room renovation disruptions across much of 2025 and softer spending by value-focused customers. By comparison, MGM China benefited from regular demand from premium-mass players and a favourable table-game hold, allowing it to widen margins despite an intense market.
Elevating MGM Resort’s outlook
Looking at the full year, MGM China’s performance helped MGM Resorts lift group revenue to $17.5 billion in 2025, compared with $17.2 billion the previous year. Adjusted EBITDA for the group edged higher to $2.43 billion, while adjusted earnings per share increased to $3.31.
MGM Resorts ended the year with $2.1 billion in cash and reduced long-term debt to $6.23 billion, while continuing to return capital through share buybacks. Despite the earnings beat, MGM shares fell 0.8 percent in after-hours trading, suggesting investors remain focused on the recovery in Las Vegas.
For now, analysts say MGM China remains the clearest source of momentum within the group, with its post-pandemic recovery not only complete, yet exceeding pre-COVID benchmarks.
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