MGM China Q3 2026 Results Show Record Revenue Growth
MGM China reported record third-quarter revenue and adjusted EBITDA for 2026, while its share of Macau’s gaming market reached a new high. The results show the operator gaining ground in a quarter when the wider market recorded a decline in daily gross gaming revenue.
Revenue for the three months ended September 30 rose 5% year on year to approximately HK$8.9 billion. Adjusted EBITDA reached about HK$2.4 billion, also a third-quarter record. The figures were unaudited selected financial data released by the company.
The MGM China Q3 2026 results point to a business outperforming the broader market, supported by higher property visitation and continued demand in premium segments. However, the performance was not uniform across its two Macau resorts: MGM COTAI increased both revenue and adjusted EBITDA, while MGM MACAU’s adjusted earnings declined.
MGM China Q3 2026 results show market-share gains
MGM China’s share of Macau’s gaming market climbed to a record 17.1% during the quarter. MGM COTAI contributed 10.5 percentage points, while MGM MACAU accounted for 6.6%.
Average daily visitor arrivals in Macau reached 122,139, up 8% year on year. Despite the increase in visitors, the market’s daily gross gaming revenue fell 4% to MOP655 million. The company attributed the broader-market decline to a temporary impact from World Cup tournaments.
MGM China moved in the opposite direction. Daily visitation across its properties increased 10% year on year, while daily gross gaming revenue rose 5%. Mass-market gross gaming revenue, including slot operations, also increased 5%, indicating that growth extended beyond a single reported measure.
The contrast between the company’s growth and the market decline suggests that its property mix and customer proposition helped it capture a larger share of gaming activity. Still, one quarter’s market-share performance does not establish whether the gain will persist through changing travel patterns, competition or customer spending.
MGM COTAI leads property-level growth
MGM COTAI remained the larger contributor to group revenue. The resort generated approximately HK$5.4 billion in third-quarter revenue, compared with HK$5.1 billion a year earlier. Adjusted EBITDA increased to about HK$1.52 billion from HK$1.46 billion.
MGM MACAU recorded revenue of approximately HK$3.5 billion, up from HK$3.4 billion in the same period of 2025. Its adjusted EBITDA, however, fell to around HK$865 million from HK$914 million.
That divergence matters because revenue growth did not translate into stronger adjusted earnings at the peninsula property. The reported figures do not identify a single cause for the decline, so it would be premature to attribute it to one operating expense or customer segment.
The two resorts play complementary roles in the company’s Macau portfolio. Management has positioned MGM MACAU as a leading venue on the peninsula and MGM COTAI as a destination for premium travellers. The latest results show stronger earnings momentum at the Cotai resort, while MGM MACAU faces a need to improve the conversion of revenue into adjusted EBITDA.
Premium spaces and suite renovations
Chief executive Kenneth Feng said higher-end customers continued to drive growth and that guests had responded positively to refurbished products and premium spaces.
The company has also begun renovating approximately 100 suites at MGM MACAU, following a suite-conversion project at MGM COTAI earlier in the year. The work is intended to improve the property’s offer and reinforce the distinct positioning of the two resorts.
These upgrades align with the company’s emphasis on premium demand. Their longer-term contribution will depend on whether refreshed accommodation and facilities translate into sustained visitation, gaming activity and improved profitability. The quarterly figures do not quantify the expected financial return from the renovation programme.
Occupancy across the group rose to 94.1%, compared with 93.5% in the prior-year quarter. The increase points to stronger room utilisation, although occupancy alone does not reveal average room rates or the profitability of the hotel business.
Liquidity and early fourth-quarter signals
MGM China reported total liquidity of approximately HK$25.6 billion as of September 30. The amount comprised bank balances and cash, together with undrawn revolving credit capacity. The company did not provide a breakdown between those components in the selected results.
The company also reported a positive early indicator for the fourth quarter: visitation across its properties during October’s Golden Week holiday period rose 10% year on year. That increase suggests momentum continued beyond the reporting quarter, but holiday visitation is not a substitute for full-quarter revenue or earnings data.
Investors will be watching whether the higher traffic and premium-segment demand continue, and whether MGM MACAU can reverse its decline in adjusted EBITDA. The results also leave open how much of the market-share gain can be maintained if Macau’s overall gaming revenue strengthens or customer spending patterns shift.
What the results mean for Macau
MGM China’s third-quarter performance combines record revenue, record adjusted EBITDA for a third-quarter period and a historic 17.1% market share. Its daily gaming revenue grew while Macau’s market-wide measure declined, highlighting the operator’s relative strength during the period.
The property split is an important qualification. MGM COTAI increased revenue and adjusted EBITDA, while MGM MACAU recorded higher revenue but lower adjusted EBITDA. Suite renovations and premium-focused investment may support the peninsula resort’s competitiveness, but the financial effect will need to be assessed in subsequent results.
For now, MGM China enters the final quarter with strong reported visitation, high occupancy and substantial liquidity. The next test is whether these indicators can support continued earnings growth across both properties, rather than relying primarily on the stronger contribution from MGM COTAI.
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