MGM China reported second-quarter 2026 results with revenue down 0.5% to HK$8.63 billion ($1.1 billion) and adjusted EBITDA margin contracting from 29% to 27% year-on-year. The decline was driven by a collapse in VIP play: turnover fell 18.3% to HK$31.17 billion ($4.0 billion) and gross gaming revenue plunged 33.2% to HK$861.7 million ($110.4 million). MGM China's Macau market share stood at 16.4% in 2Q26, up from 15.4% the previous quarter.
Mass-market tables proved resilient. Drop declined 6.2% to HK$29.89 billion ($3.83 billion), but gross gaming revenue rose 2% to HK$8.13 billion ($1.04 billion) on a stronger win rate of 27.2%, up from 25.0% a year earlier. Slots added 19.4%: gross gaming revenue reached HK$681.4 million ($87.4 million) with handle up 12%. MGM Resorts management noted that the World Cup temporarily affected volumes in June, but business recovered quickly after the tournament ended.
The EBITDA decline was concentrated at MGM Macau on the peninsula, where adjusted EBITDA fell 15.4% to HK$825.5 million ($105.9 million) as revenue dropped 1%. MGM Cotai posted a smaller EBITDA decline of 2.3% to HK$1.50 billion ($192.5 million), with revenue flat at HK$5.28 billion ($676.4 million). For the first half of 2026, MGM China revenue rose 4.4% to HK$17.39 billion ($2.23 billion), but EBITDA slipped 1.9% to HK$4.78 billion ($613.4 million).
Additional pressure came from a new branding-fee structure: licence expenses to the parent company climbed to $40 million from $19 million a year earlier, more than doubling under a new long-term agreement.
