MGM hits Q3 revenue record, market share reaches 17.1%

MGM China reported record third-quarter (Q3) revenue and its highest-ever share of Macau’s gaming market, though earnings growth lagged sales growth.

Revenue rose 4.9% year over year to HKD8.93 billion for the three months ended Sept. 30, 2026, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 0.9% to HKD2.39 billion.

Both were third-quarter records, but not all-time quarterly highs.

The operator’s market share in Macau reached 17.1%, with MGM Cotai at 10.5% and MGM Macau at 6.6%.

The gains contrasted with a 3.8% decline in Macau’s quarterly gross gaming revenue to MOP60.22 billion, which the company attributed in part to the World Cup’s temporary impact.

“The higher-end market segment continues to drive growth,” Kenneth Feng, MGM China’s chief executive, said in prepared remarks accompanying the results.

“The positive response to our refurbished products and premium spaces underscores our team’s deep understanding of the Macau market and our ability to anticipate our customers’ evolving tastes.”

Daily visits to MGM’s properties increased by 10%, while daily gaming revenue and mass-market gaming revenue, including slots, each rose 5%.

Hotel occupancy increased to 94.1% from 93.5%, a 0.6% gain.

However, higher table-game win percentages offset declining wagering volumes at both resorts, indicating that revenue gains did not uniformly reflect increased betting activity. Win rates fluctuate and can affect quarterly earnings.

At MGM Cotai, revenue rose 6% to HKD5.42 billion, while adjusted EBITDA increased 4.4% to HKD1.52 billion. Main-floor table-game drop — money exchanged for chips — fell 6.5%, but gross table-game win advanced 1.4% to HKD4.61 billion as the win rate rose to 28.4% from 26.2%.

Cotai’s slot-machine win surged 88% to HKD556.8 million, supported by a 47% increase in handle and a higher hold rate. VIP table-game win declined 4.4% to HKD911.2 million.

At MGM Macau, revenue increased 2.3% to HKD3.47 billion, but adjusted EBITDA fell 5.4% to HKD864.6 million. Main-floor table drop declined by almost 13%, while gross win rose 2.2% to HKD3.4 billion as the win rate increased to 26.9% from 23%. Slot win grew 22%.

For the first nine months, group revenue increased 4.6% to HKD26.32 billion, while adjusted EBITDA declined 1% to HKD7.18 billion.

The Q3 adjusted EBITDA margin was approximately 26.8%, using the rounded reported figures, compared with about 27.8% a year earlier.

On the earnings call, Feng cited a margin of approximately 26.9% and reiterated guidance in the mid-to-high-20% range.

Responding to analysts’ questions about whether elevated promotions were squeezing profitability, Feng emphasized operational efficiency and said competition extended beyond spending levels.

“At MGM China, we are competing on the underlying products,” he said. “The services, the innovations, and every employee, from me to the frontline colleagues.”

Management said momentum in Macau had continued into October, with Golden Week visits up 10% year over year.

“Our market share [in Macau] in September was 19.2 percent and ended the quarter with a record Q3 market share of 17.1 percent,” said Bill Hornbuckle, MGM Resorts International’s chief executive.

“These trends have continued into the fourth quarter with strong October performance thus far.”

Hornbuckle said the refurbished Cotai Supreme Club encouraged longer, higher-value play, while a high-limit slot area that opened in July was attracting more rated players. MGM China has also begun renovating approximately 100 suites at MGM Macau, following suite conversions at Cotai earlier this year.

Hornbuckle also said that discussions with the largest shareholder, People Inc., had ended after People Inc. withdrew its takeover offer on Sept. 23. An amended voting agreement restricts further purchases once its ownership reaches 29.9%.

“The discussion between MGM and People ends there,” he said during the call.

Elsewhere in Asia, Hornbuckle said MGM Osaka was about 11% complete and on schedule and within budget for a 2030 opening, calling it the “greatest integrated resort opportunity anywhere on the globe.”

The project remains a central part of the parent company’s development pipeline, alongside efforts to sustain premium demand in Macau and to improve operating performance across its existing portfolio.