MGM China Reports 2025 First Quarter Results

Core Insights - MGM China Holdings Limited reported sequential growth in adjusted EBITDA and market share for the first quarter of 2025, with net revenue reaching HK$8.0 billion, up 1$2.4 billion, representing 146% of the same period in 2019, with an improved adjusted EBITDA margin of 29.6% [5] - Daily gross gaming revenue (GGR) rose 3% quarter-to-quarter to MOP641 million, which is 76% of the same period in 2019 [2] - MGM China's overall GGR market share increased to 15.7% in the first quarter, up from 15.5% in the previous period [5] Market Dynamics - Mass GGR (including slot) recovered to approximately 110% of pre-COVID levels, while VIP GGR was estimated at 26% of the equivalent period [2] - Property visitation for the period was 177% of 2019 levels, with daily GGR at 128% of the first quarter 2019 [5] - The POLY MGM MUSEUM reached 500,000 visitors within three months of opening, showcasing the company's commitment to cultural tourism [4] Strategic Initiatives - The company announced an update to its dividend policy, intending to make semi-annual distributions not exceeding 50% of anticipated consolidated annual profits, increased from 35% previously [5] - MGM China aims to diversify Macau's tourism offerings and enhance customer experiences, contributing to Macau's development as a global tourist destination [5]