MGM China Just Snagged a Record 17.1% of Macau's Market

Dr. Annelies De Vos · 2026-10-30

MGM China just pulled off something it's never done before. In the third quarter of 2026, it captured a record 17.1% of Macau's gaming market. That's a big deal, especially considering the rest of Macau had a softer quarter. Revenue at MGM's two resorts rose 5% year-over-year to roughly $1.14 billion (that's converted from HK$8.9 billion). Adjusted EBITDA hit about $307 million (from HK$2.4 billion). Both numbers were the highest for any third quarter in the company's history. Not bad for a period when the overall market was down. ### Why MGM Stood Out in a Down Quarter Macau's daily gross gaming revenue averaged MOP655 million, which is about $81 million, down 4% from the previous year. So while the market shrank, MGM managed to grow. That's a testament to the company's strategy—maybe its focus on premium mass market or its recent investments in non-gaming amenities are paying off. What's driving this? It could be a mix of things: a strongerhold percentage, higher visitation, or simply better execution than competitors. MGM has been investing in its properties, and that seems to be resonating with visitors. ### The Bigger Picture for Macau Macau's gaming market has been on a rollercoaster. After the pandemic, it bounced back, but recently it's faced headwinds from China's economic slowdown and changing travel patterns. Still, MGM's performance shows there's room to grow even when the tide is going out. For industry watchers, this raises a question: Is MGM's gain sustainable? If the market recovers, will MGM maintain its share? Or was this a one-off quarter? Only time will tell, but for now, MGM is celebrating a milestone. ### What This Means for Investors MGM's ability to outperform in a tough quarter is a positive signal. It suggests the company has a resilient business model and can capture market share even when overall demand dips. Investors might see this as a sign of strong management and strategic positioning. Of course, one quarter doesn't make a trend. But it's certainly a data point worth noting. If MGM can keep this up, it could reshape the competitive landscape in Macau. > "In a market where everyone else is fighting for scraps, MGM just served themselves a bigger plate." That's not an official quote—just my take. But it captures the essence of what happened. So, what's next? MGM will likely look to build on this momentum. Competitors will be watching closely, maybe even adjusting their own strategies. And for those of us following the industry, it's a reminder that even in mature markets, there's always room for surprises. One thing's for sure: MGM China's Q3 performance is a story worth keeping an eye on.