The company reported earnings before interest, taxes, depreciation, amortization, reorganization, or rental costs (EBITDAR) of 2.37 billion Hong Kong dollars (270.3 million euros) from January to March.
In the same period last year, MGM China had recorded net profits of 2.5 billion Hong Kong dollars (299 million euros), the highest value for a first quarter.
The operator concluded 2023 with a record profit of 7.24 billion Hong Kong dollars (864.2 million euros), after three consecutive years of losses due to the COVID-19 pandemic.
The decline in profits in the first three months of 2025 was attributed to a 2.7% decrease in revenues, down to 7.99 billion Hong Kong dollars (911.2 million euros), from the two hotel-casinos operated by MGM China in Macau.
In a statement, MGM China’s parent company, U.S.-based MGM Resorts International, cited a primary reason as a drop in bets placed in the so-called mass segment, aimed at small bettors who do not request credit.
The MGM Macau and MGM Cotai casinos registered revenues of 7.11 billion Hong Kong dollars (810.1 million euros) in the mass market, while the VIP baccarat gaming reached 1.15 billion Hong Kong dollars (131.2 million euros).
Large stakes, which in 2019 represented 46.2% of Macau casino revenues, were affected by the arrest of the leader of the world’s largest VIP betting intermediary in November 2021.
Former Suncity CEO Alvin Chau Cheok Wa was sentenced in January 2023 to 18 years in prison for illegal gaming operations and secret society involvement, a case that reduced the number of gaming promoter licenses issued in Macau from 85 to 18.
Six gaming concessionaires—MGM, Galaxy, Venetian, Melco, Wynn, and SJM—operate in Macau, the only place in China where casino gaming is legal, currently under 10-year licenses that took effect on January 1, 2023.
The region’s casinos began 2025 with total revenues of nearly 57.7 billion patacas (6.66 billion euros), marking a 0.6% increase over the same period in 2024 and 75.7% of the accumulated figures from the first three months of 2019.
