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MGM COTAI stars for MGM China in 4Q24 with property revenue up 34% to US$786 million

Steve Tyler Exec Content

MGM COTAI stars for MGM China in 4Q24 with property revenue up 34% to US$786 million

Summary

MGM Resorts released its full results after an earlier, inadvertent leak. The key takeaway: MGM China again outperformed in the quarter, led by strong results at MGM COTAI.

MGM China posted net revenues of US$1.24 billion in 4Q25 (a 21.4% year-on-year increase) and Adjusted EBITDAR of US$332.3 million (up 30.5%). For the full year to 31 December 2025, net revenues reached US$4.5 billion (up 11%) and Adjusted EBITDAR rose 11% to US$1.2 billion.

MGM COTAI was the standout property in the quarter: total revenue increased 34.1% to HK$6.14 billion (US$786 million) and Adjusted EBITDAR jumped 55.0% to HK$1.88 billion (US$241 million). MGM MACAU saw modest revenue growth (HK$3.48 billion / US$445 million, +4.1%) but a slight decline in Adjusted EBITDAR (-4.7%).

At group level, MGM Resorts reported net revenues of US$4.6 billion in 4Q25 (up 6%), net income attributable to MGM Resorts of US$294 million (up 87%), and consolidated Adjusted EBITDA of US$635 million (up 20%).

Key Points

  • MGM COTAI recorded a 34.1% rise in total revenue to HK$6.14 billion (US$786m) in the quarter, and a 55.0% increase in Adjusted EBITDAR to HK$1.88 billion (US$241m).
  • MGM China net revenues in 4Q25 were US$1.24 billion, up 21.4% year-on-year; Adjusted EBITDAR up 30.5% to US$332.3m.
  • Full-year 2025: MGM China net revenues US$4.5 billion (+11%) and Adjusted EBITDAR US$1.2 billion (+11%).
  • MGM MACAU grew revenue 4.1% to HK$3.48 billion (US$445m) but saw Adjusted EBITDAR fall 4.7% to HK$868m (US$111m).
  • Group results: MGM Resorts net revenues US$4.6b (4Q25, +6%), net income US$294m (+87%), Consolidated Adjusted EBITDA US$635m (+20%).
  • CEO Bill Hornbuckle emphasised the benefits of diversification, renovation-driven growth in Las Vegas, solid regional operations, BetMGM growth and international pipeline including MGM Osaka.

Context and relevance

These results matter because they underscore Macau’s continued recovery and the strength of premium-mass and integrated-resort strategies. MGM COTAI’s outsized performance highlights the premium offering’s ability to capture high-value guests and boost profitability.

For investors and industry observers, the numbers point to improving margins in Macau and a resilient group performance despite Las Vegas headwinds. The split between MGM COTAI and MGM MACAU also signals where management’s growth and margin momentum currently sits.

Author’s take (punchy)

MGM COTAI isn’t just doing well — it’s dragging the rest of MGM China up with it. If you follow Macau gaming trends, this quarter is a clear sign that premium-mass strategies and integrated-resort features are paying off in real cash terms. Read the detail if you care about where the revenue and margin growth is actually coming from.

Why should I read this?

Short version: big numbers, clear winners. If you track Macau, casino operators or investor sentiment in APAC gaming, this saves you time — MGM COTAI’s results tell you which products and properties are driving recovery and profit. Worth a skim or a deep dive depending on whether you’re trading, researching or just curious.

Source

Source: https://asgam.com/2026/02/06/mgm-cotai-stars-for-mgm-china-in-4q24-with-property-revenue-up-34-to-us786-million/