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Earnings Score 42 Neutral

MGM China Reports Q1 Revenue Growth Amid Margin Compression

Apr 30, 2026 04:49 UTC
2282.HK, M04.F
Short term

MGM China saw a 10% increase in net revenue for the first quarter of 2026, driven by strong visitor arrivals in Macau. However, overall adjusted EBITDA margins dipped to 28.0% as performance varied across its properties.

  • Net revenue increased 10% YoY to HK$8.8 billion
  • Adjusted EBITDA rose 4% to HK$2.5 billion
  • Adjusted EBITDA margin contracted to 28.0%
  • Daily mass GGR grew by 19%
  • MGM COTAI EBITDA rose 11% to HK$1.6 billion
  • MGM MACAU EBITDA saw a year-on-year decline

MGM China Holdings Limited reported a mixed first-quarter performance, characterized by robust top-line growth and increased gaming activity, though offset by a slight contraction in overall margins. The results reflect a broader recovery in the Macau gaming sector, with average daily visitor arrivals rising 14% year-on-year to 124,599. This surge in tourism contributed to Macau's overall Gross Gaming Revenue (GGR) reaching post-pandemic highs. For MGM China, net revenue climbed 10% to HK$8.8 billion, while adjusted EBITDA grew 4% to HK$2.5 billion. Daily mass GGR showed particular strength, surging 19% year-on-year. Performance diverged significantly between the company's two primary assets. MGM COTAI saw revenue rise 10% to HK$5.3 billion, with adjusted EBITDA increasing 11% to HK$1.6 billion and margins expanding by 20 basis points to 30.5%. Conversely, while MGM MACAU's revenue grew 9% to HK$3.4 billion, its adjusted EBITDA declined to HK$832 million. Despite the revenue gains, the company's total adjusted EBITDA margin fell to 28.0% from 29.6% in the prior year. Following the announcement, shares in Hong Kong traded slightly lower, closing at HK$11.550, a decrease of 0.86%.

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