Core Insights - MGM China Holdings Limited reported a record third-quarter performance, driven by the recovery of the Macau market, with adjusted EBITDA growing by 20% year-on-year [1][8]. Financial Performance - For the three months ended September 30, 2025, net revenue increased by 17% year-on-year to HK$8.5 billion, with adjusted EBITDA reaching HK$2.4 billion, marking a 20% rise from 2024 [8]. - Daily property visitation rose by 17% year-on-year, while daily gross gaming revenue (GGR) and mass GGR increased by 20% and 17% respectively [8]. - The adjusted EBITDA margin improved to 27.9% from 27.4% a year ago, reflecting a mass-focused business strategy and enhanced operational efficiency [8]. Market Dynamics - Macau's average daily visitor arrivals increased by 14% year-on-year to 113,614, surpassing pre-COVID levels by 5% [2]. - The industry's GGR per day rose 13% year-on-year to MOP680 million, with third-quarter GGR recovering to 88% of 2019 levels, up from 83% in the second quarter [2]. Strategic Developments - MGM China launched the Alpha Villas and Alpha Club at MGM MACAU, enhancing the experience for premium customers [5][6]. - The residency show "Macau 2049," co-created with filmmaker Zhang Yimou, received the 2024 Weibo Cultural Tourism IP Award, highlighting MGM's commitment to cultural tourism [3]. Market Share - MGM China's market share in Macau increased to 15.5%, up from 14.8% a year ago, with MGM COTAI and MGM MACAU holding market shares of 9.4% and 6.1% respectively [8]. Financial Position - As of September 30, 2025, MGM China maintained a strong financial position with total liquidity of approximately HK$22.3 billion, consisting of cash, cash equivalents, and undrawn revolver [8].

Core Insights - MGM China Holdings Limited reported a record high quarterly adjusted EBITDA and a market share increase to 16.6% [1][7]. Financial Performance - The Group's net revenue for the second quarter was HK$8.7 billion, up from HK$8.0 billion in the same period last year [7]. - Adjusted EBITDA for the quarter was HK$2.5 billion, compared to HK$2.4 billion in the previous year, with an adjusted EBITDA margin of 29.0% [7]. - On a quarter-on-quarter basis, net revenue increased by 8.4% and adjusted EBITDA rose by 6.1%, marking a historical high [7]. - Adjusted EBITDA has surpassed pre-COVID levels by 172% [7]. - Daily gross gaming revenue (GGR) grew by 12% year-on-year to MOP111.2 million, compared to MOP100.4 million in the first quarter [7]. Market Trends - Daily visitation in Macau reached 102,812, reflecting a year-on-year growth of 19% and recovering to 94% of the same period in 2019 [2]. - Headline daily GGR in Macau rose 8% year-on-year to MOP671.6 million per day, up from MOP640.6 million per day in the first quarter [2]. Property Developments - The construction of Alpha Villas at MGM MACAU was completed, with all 28 villas available as of July [3]. - MGM COTAI is converting rooms into approximately 60 new suites to enhance offerings [7]. Events and Initiatives - MGM China hosted a series of non-gaming events, including the MGM x RR1HK Culinary Masters Macau featuring Michelin star chefs [4]. - The company collaborated with the Macau Government for the MGM Artistic Swimming Elite Extravaganza & Macao Open Competition 2025 [5]. - The residency show "Macau 2049," created with filmmaker Zhang Yimou, celebrated its 100th show and received multiple awards [6]. Market Position - MGM COTAI's market share was approximately 10.5%, while MGM MACAU's market share was around 6.2% [7]. - Average occupancy for the period was 94.5% [7]. - The Group maintained a total liquidity of approximately HK$22.5 billion as of June 30, 2025 [7].