MGM Cotai EBITDA up by 55% yearly, with strong rise in VIP table games win | AGB
Summary
MGM Cotai delivered a standout quarter in 4Q25: revenue at the Cotai property rose sharply and adjusted EBITDA jumped 55.03% year‑on‑year to HK$1.88 billion (US$241.11m). Overall, MGM China’s total revenue for the quarter reached HK$9.61 billion (US$1.23bn), up 21.42% year‑on‑year, with group property EBITDA rising 29.46% to HK$2.75 billion (US$352.2m).
Key performance drivers at Cotai included a big uplift in VIP gross table games win (up 58.39% to HK$1.1 billion) and strong main floor table and slots performance. By contrast, the MGM Macau peninsula property saw much more modest growth and some declines in slot win and VIP win metrics.
Key Points
- Cotai total revenue: nearly HK$6.14 billion (up 34.06% y/y); adjusted EBITDA: HK$1.88 billion (up 55.03% y/y).
- MGM China total revenue for 4Q25: HK$9.61 billion (up 21.42% y/y); property EBITDA: HK$2.75 billion (up 29.46% y/y).
- MGM Macau peninsula revenue rose just 4.1% y/y to HK$3.48 billion; adjusted EBITDA fell 4.68% to HK$868 million.
- Cotai VIP table games: turnover slightly down to HK$22.83 billion, but VIP gross win surged 58.39% to HK$1.1 billion; avg daily gross win per VIP table HK$241,000 (up 60.77%).
- Main floor at Cotai: table games drop up 27.84% to HK$17.49 billion; win up 28.62% to HK$5.25 billion; avg daily win per table HK$163,300 (up 30.64%).
- Slots at Cotai: handle HK$10.19 billion (up 22.82%); gross win HK$411.61 million; avg daily win per slot HK$4,500.
- MGM Macau peninsula showed mixed results: VIP turnover up 41.12% but VIP win down 11.08%; slot handle down slightly with slot win falling ~21.2% y/y.
- Group main floor table games drop rose 13% y/y to HK$4.05 billion and main floor win increased 20% to HK$1.1 billion for the quarter.
Content summary
MGM Cotai was the star contributor to MGM China’s strong 4Q25 performance. Cotai’s revenue and margins improved significantly, driven by both VIP and mass market table games and healthy slot handle growth. The property operated 405 tables and 1,001 slots with hotel occupancy at 94% during the quarter.
By comparison, MGM Macau on the peninsula posted tepid revenue growth and saw declines in some profitability measures, with 345 tables and 1,044 slots and hotel occupancy of 92.8% for the quarter.
Context and relevance
This result is notable for investors and operators tracking Macau’s recovery dynamics: Cotai properties continue to capture outsized demand and higher-value play, while some peninsula assets lag. The strong VIP win rebound at Cotai suggests high‑end players are returning and spending more, which has a magnifying effect on EBITDA due to higher margins on table play.
For industry observers, regulators and suppliers, the split performance between Cotai and the peninsula underlines where growth and margin expansion are concentrated in Macau right now.
Why should I read this?
Short version: Cotai smashed it this quarter — big jumps in EBITDA and VIP win. If you follow Macau gaming, investment calls, supplier demand or hotel occupancy trends, this gives you the numbers you need without slogging through the full results. Nice and punchy — read it, save time, sound clever at your next meeting.
Author style
Punchy — this write‑up pulls the headline figures and the lift drivers. If you want the big-picture takeaways quickly: Cotai = growth and margin upside; peninsula = steady but weaker. Read the detail if you’re making decisions off these results.