MGM China (2282) H1 2026 earnings summary

Executive summary

• Operating revenue rose 4.4% year-over-year to HK$17,391.8 million for the six months ended June 30, 2026, driven by premium mass market strength and diversified offerings.

• Profit attributable to owners decreased 20.2% year-over-year to HK$1,900.8 million, mainly due to higher operating costs and lower VIP gaming revenue.

• Adjusted EBITDA was HK$4,784.4 million, down 1.9% year-over-year, reflecting increased expenses and a shift in revenue mix.

• Interim dividend of HK$0.250 per share (HK$950 million total) declared, representing 50% of profit attributable to owners.

Financial highlights

• Casino revenue increased 3.6% year-over-year to HK$15,116.8 million, with main floor table games win up 9.8% and slot machine gross win up 23.0%.

• VIP gross table games win declined 30.5% year-over-year, reflecting lower win percentages and turnover.

• Other revenue (hotel, F&B, retail, entertainment) grew 10.2% to HK$2,275.0 million.

• Operating costs rose across all major categories: gaming taxes (+5.5%), inventories (+11.2%), staff costs (+11.7%), other expenses (+27.4%), and depreciation (+18.0%).

• Finance costs decreased to HK$686.8 million due to lower average borrowings and interest rates.

Outlook and guidance

• Management remains optimistic about Macau’s long-term prospects, citing infrastructure improvements, supportive government policies, and continued growth in tourism and gaming.

• Ongoing investments in non-gaming and international tourism initiatives align with government diversification goals.