MGM China Interim Profit Falls 22% as Macau Recovery Slows

MGM China Holdings Limited’s profit attributable to owners of the company decreased by 20.2% year-over-year to HK$1.90 billion for the six months ending June 30, 2026, according to the company’s interim report. The decline reflects a more moderate pace of recovery in Macau’s gaming sector compared to the same period last year.

Operating revenue increased by 4.4% to HK$17.39 billion, with casino revenue reaching HK$15.12 billion and other revenue at HK$2.28 billion. While casino revenue showed growth, adjusted EBITDA edged down to HK$4.78 billion from HK$4.88 billion in the first half of 2025. Operating profit also decreased, falling 20.9% to HK$2.68 billion. The company’s main floor table games drop increased to HK$60.94 billion, with a win percentage rising to 27.2%, contributing to higher gross win. However, VIP table games turnover decreased to HK$64.82 billion, and the win percentage fell sharply to 2.6% from 3.5% in the prior period, impacting overall VIP revenues.

Earnings per share decreased to HK50.1 cents on a basic basis and HK49.9 cents on a diluted basis, down from HK62.8 cents and HK62.5 cents respectively in the first half of 2025. The company maintained a 15.9% overall gaming market share in Macau, a slight decrease from 16.2% in the same period last year. Slot machine handle increased to HK$35.03 billion, resulting in a gross win of HK$1.34 billion, and a slot hold percentage of 3.8%.

The results suggest a slowing momentum in Macau’s gaming recovery, with increased competition and fluctuating VIP luck impacting profitability. The decline in VIP turnover and win rate, coupled with a modest increase in operating revenue, points to a shift in the revenue mix towards mass market gaming. The broader Chinese economic environment, including consumer spending patterns and tourism trends, will likely continue to influence MGM China’s performance in the near term.