MGM China posted adjusted EBITDA of HK$2.33 billion ($298 million) in the second quarter of 2026, down 7.4% year-on-year but ahead of market expectations by 8% over Jefferies' forecast and 1% above the CLSA and Bloomberg consensus. EBITDA margin held at 27%, within management's target range.
CLSA analyst Jeffrey Kiang noted that player rebates, reinvestment spend and MGM Cotai operating costs all came in below forecasts, reflecting disciplined cost management. VIP win rate at both MGM Macau and MGM Cotai stood at 2.8% against a normal 3%, pulling luck-adjusted EBITDA down just 3% year-on-year.
The World Cup in June weighed temporarily on visitation and GGR across Macau, but by late July MGM China had recovered to levels above the first quarter. Jefferies called the tournament a one-off event rather than a structural shift. CLSA confirmed the return of traffic and normalised GGR on pent-up demand.
MGM China continues to invest in the premium segment, rolling out new suites and gaming zones at both properties and starting design work on around 100 additional rooms at MGM Macau. Management is backing an integrated offer built on service and innovation rather than promotion alone. Jefferies maintains a Buy rating, CLSA an Outperform.
