Trading halts briefly after MGM China results slip early

MGM Resorts International ‘inadvertently’ disclosed preliminary fourth-quarter and full-year 2025 financial results for its Macau subsidiary, MGM China Holdings Ltd, a week early, revealing a 21.4% year-on-year rise in fourth-quarter net revenue to just under USD1.24 billion (approximately MOP9.97B).

The unaudited preliminary figures emerged in a Form 8-K filing with the U.S. Securities and Exchange Commission on Feb. 4, while MGM Resorts released numbers for its BetMGM online joint venture.

At MGM China’s request, a trading halt on its shares and related debt securities on the Hong Kong Stock Exchange at 9 a.m. yesterday was imposed, pending an inside information announcement of price-sensitive financial details. Trading resumed the same day at 1 p.m. local time.

As detailed in an inside information announcement yesterday, the preliminary figures indicate MGM China generated USD1.236 billion (aprox. MOP9.92 billion) in net revenue for the three months ended Dec. 31, up from USD1.019 billion (aprox. MOP8.18 billion) a year earlier.

Adjusted earnings before interest, taxes, depreciation, amortization, and rent (EBITDAR) climbed to USD332.3 million (MOP2.67 billion), a 30.5% increase from USD254.7 million (MOP2.05 billion) in the prior year’s fourth quarter.

Corporate expenses for the quarter reached USD29 million (MOP233 million), up 222% from USD9 million (MOP72 million) in the prior-year period. Full-year costs were USD65 million (MOP522 million), a 30% YoY increase from USD50 million (MOP402 million) in the prior year.

The company stressed that the data remains subject to final financial closing procedures. “Financial information in the Published Earnings has not been audited or reviewed by our auditor, and has not been prepared or presented by MGM China. There is no indication or assurance from MGM China that our financial results will match those presented in the Published Earnings,” the company announced.

MGM Resorts has since moved its official Q4 release from Feb. 11 to after the market close on Thursday, followed by a conference call at 5 p.m. Eastern Time (6 a.m. on Feb. 12 Macau time).