MGM China Reports Record 17.1% Market Share and Quarterly Revenue of $1.1 Billion
Key Facts
MGM Resorts said on October 28 that MGM China revenue reached a quarterly record, with a record market share of 17.1% in the quarter ended September 30. Revenue was about $1.1 billion, up 5% from the same period a year earlier. But segment operating profitability moved in the opposite direction, as adjusted segment profit fell to $264 million from $284 million a year earlier, a decline of 7%. The results put revenue and market-share growth alongside pressure on adjusted profit. CEO Bill Hornbuckle said the company delivered 5% revenue growth and strong market-share performance during the quarter.
Casino revenue rose to $981 million in the third quarter from $947 million in the same period of 2025, an increase of 4%. Meanwhile, main-floor table-games wagers fell to 3.682 billion dollars from 4.072 billion, a decline of 10%. In contrast, win revenue from those games rose to 1.021 billion dollars from 1.006 billion, up 1%. The win rate increased to 27.7% from 24.7% a year earlier. These indicators show a divergence between lower wager volume and higher returns generated from it, alongside growth in casino revenue.
The segment results include an expense of $41 million for brand licensing fees between group companies, compared with $19 million in the same period last year. The company said the expense is eliminated when the group's accounts are consolidated. The item is included in the segment's financial comparison, while the decline in adjusted profit came alongside higher MGM China revenue. Eliminating the expense on consolidation does not change its inclusion in the reported segment figures. The report therefore combines record revenue with lower segment profitability, with the fee item having a different effect in segment and consolidated accounts.
Across the broader market, China's non-manufacturing business activity index registered 50.2% in September, up 1.2 percentage points from the previous month. The services activity index also stood at 50.2%, up 0.9 percentage points. In Macau, gross gaming revenue reached 18.063 billion patacas in September. Macau's real GDP also grew 3.7% in the first half of 2026, with services exports up 7.3% and visitor arrivals rising 9.0%. The region recorded 4,478,073 visitors in August, an annual increase of 6.1%, while arrivals in the first eight months totaled 28,964,737, up 7.7%.
On an annual basis, Macau gross gaming revenue was 247.404 billion patacas in 2025, compared with 226.782 billion in 2024. Revenue was 62.570 billion patacas in the third quarter of 2025, up from 61.114 billion in that year's second quarter. These figures come as MGM China reported a record quarterly market share, while Hornbuckle said the company's share in September alone was 19.2%. He added that October performance had been strong up to that point, with competition in the market continuing. According to EL7 data, MGM China shares closed at 9.19 Hong Kong dollars on October 27, after closing at 9.24 dollars on October 22.