MGM China reported record adjusted EBITDAR and increased market share in the third quarter of 2025, with stronger table games drop. MGM Cotai recorded gains in VIP play and mass tables, while MGM Macau saw VIP play fall year on year and mass table play improve.
The results show different performance across MGM China’s two Macau properties and gaming segments.
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Galaxy Entertainment Group reported an 11% year-on-year increase in net revenue to just under $1.6 billion for the first quarter of 2026, according to its pre-audit report as reported. Revenue declined 10% from the fourth quarter of 2025, while SJM Holdings reported a 21.1% year-on-year fall in first-quarter net revenue to $754 million, according to company documents.
CreditSights maintained its tactical outperform recommendation on Wynn Macau’s US-dollar bonds despite weaker third-quarter earnings. It cited leverage of 5.3 times gross and 4.3 times net as of September, and expected higher capital expenditure in financial year 2027 to weigh on cash flow.
Wynn Macau Ltd's U.S. dollar bonds remain a tactical outperform recommendation at CreditSights Inc, even after weaker third-quarter earnings and with capital spending expected to rise in 2027. The analysts said the anticipated capital spending pressure in financial year 2027 was a key reason for the tactical qualification.
MGM Resorts and People Inc. have amended their voting agreement, with People Inc. to vote its MGM shares in line with the MGM board’s recommendation in a potential change-of-control transaction. CreditSights said the change could give the board more flexibility, while MGM Resorts has said it is not discussing a transaction with Diller’s media consortium; no sale is currently under discussion.
CreditSights said MGM China could face event risk if parent MGM Resorts International changes ownership, while describing takeover overhang as less acute. MGM Resorts owns 56% of MGM China, and the companies are not currently in transaction talks, according to the report.
Macau's six casino concessionaires signed on as limited partners in the Macau SAR Government Guidance Fund on 23 October, committing a combined MOP9bn ($1.12bn). With MOP11bn from fiscal reserves, the fund starts with about MOP20bn ($2.48bn). Commitments count toward the operators' non-gaming investment pledges under concessions running to 2032.