Record Numbers
MGM China Holdings Limited posted its strongest third-quarter financial results on record, with revenue for the three months ended September 30, 2026, rising 5% year-on-year to approximately HK$8.9 billion and adjusted EBITDA reaching approximately HK$2.4 billion — both all-time Q3 highs. The operator's market share in Macau climbed to a historic 17.1%, split between MGM COTAI at 10.5% and MGM MACAU at 6.6%.
The results landed despite a 4% year-on-year decline in Macau's daily gross gaming revenue (GGR) across the broader market, which the company attributed to the temporary drag of World Cup tournaments. MGM China bucked that trend: its own daily GGR surged 5% over the prior-year period, and Mass GGR — including slot operations — matched that gain. Daily visitation across the company's properties rose 10% year-on-year, outpacing Macau's overall 8% increase in average daily arrivals, which reached 122,139 visitors during the quarter.
Property-Level Performance
On a property basis, MGM COTAI generated approximately HK$5.4 billion in revenue for the period, up from HK$5.1 billion in Q3 2025, with adjusted EBITDA of approximately HK$1.52 billion versus HK$1.46 billion a year earlier. MGM MACAU recorded revenue of approximately HK$3.5 billion, compared to HK$3.4 billion in the prior-year period, though its adjusted EBITDA dipped to approximately HK$865 million from HK$914 million. Occupancy across the portfolio rose to 94.1%, up from 93.5% in Q3 2025. The group reported total liquidity of approximately HK$25.6 billion as of September 30, 2026.
Kenneth Feng, Chief Executive Officer of MGM China, pointed to premium-segment strength as the primary growth engine. "The higher-end market segment continues to drive growth," he said. "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."
Renovation Push
Following a suite conversion at MGM COTAI completed earlier this year, the group has begun renovating approximately 100 suites at MGM MACAU. Feng described the project as central to the company's portfolio strategy — positioning MGM MACAU as the flagship venue on the Macau Peninsula while MGM COTAI targets premium travelers in Cotai. The operator also reported that property visitation during the October Golden Week holiday surged 10% year-on-year, suggesting momentum carried into Q4.
For hospitality operators tracking integrated resort performance in Asia, MGM China's results underscore how premium product investment and occupancy discipline can insulate a property from broader market softness. The Macau integrated resort model — combining high-end lodging, food and beverage, entertainment, and gaming under one roof — continues to demonstrate resilience, a dynamic our hospitality industry coverage has tracked closely. Similar asset-upgrade strategies are reshaping restaurant and F&B programming across destination resort properties worldwide as operators compete for high-value travelers.
Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.
