Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. MGM CHINA HOLDINGS LIMITED ʮ ̡ (incorporated in the Cayman Islands with limited liability) (Stock Code: 2282 and Debt Stock Codes: 6028, 40634, 5036) INSIDE INFORMATION UNAUDITED RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2025 OF MGM RESORTS INTERNATIONAL, OUR CONTROLLING SHAREHOLDER This is an announcement made pursuant to the Inside Information Provisions under Part XIV A of the Securities and Futures Ordinance (Cap. 571) and Rules 13.09 and 37.47B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. Our controlling shareholder, MGM Resorts International, has, on or about October 29, 2025 (4:15 p.m., New York time), released its unaudited results for the third quarter ended September 30, 2025 which contain financial information about MGM China Holdings Limited prepared and presented herein under Generally Accepted Accounting Principles of the United States. This is an announcement made by MGM China Holdings Limited (“MGM China” or the “Company”) pursuant to the Inside Information Provisions under Part XIV A of the Securities and Futures Ordinance (Cap. 571) and Rules 13.09 and 37.47B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“HKSE”). MGM China’s controlling shareholder, MGM Resorts International, is a company listed on the New York Stock Exchange in the United States. As at the date of this announcement, MGM Resorts International beneficially owns approximately 56% of the issued share capital of MGM China.
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– 2 – MGM Resorts International has, on or about October 29, 2025 (4:15 p.m., New York time), released its unaudited results for the third quarter ended September 30, 2025 (the “Earnings Release”). If you wish to review the Earnings Release prepared by MGM Resorts International and as filed with the United States Securities and Exchange Commission, please visit http://www.sec.gov/cgi-bin/browse-edgar?acti on=getcompany&CIK=0000789570&owner=exclude&count=40&hidefilings=0. The Earnings Release contains financial information about MGM China and its subsidiaries (“we”, “our” or “Group”) which is available in the public domain. The unaudited consolidated financial results of MGM Resorts International, including those contained in the Earnings Release, have been prepared in accordance with the Generally Accepted Accounting Principles of the United States (“US GAAP”), which are different from IFRS Accounting Standards which, as a company listed on the Main Board of HKSE, we use to prepare and present our financial information. The unaudited consolidated financial results of MGM Resorts International for the third quarter ended September 30, 2025 included in the Earnings Release include the effect of its consolidation of MGM China, including purchase price adjustments and certain other adjustments to reflect the financial information of the Group in accordance with US GAAP. As such, our financial information in the Earnings Release is not directly comparable to our unaudited consolidated financial results prepared in accordance with IFRS Accounting Standards. Our shareholders and potential investors are advised that the financial results in the Earnings Release are unaudited and have not been prepared or presented by MGM China and there is no indication or assurance from MGM China that our financial results will be the same as that presented in the Earnings Release.
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– 3 – The following table summarizes the Group’s financial information under IFRS Accounting Standards for the third quarter and nine months ended September 30, 2025. Three Months Ended September 30 Nine Months Ended September 30 2025 2024 2025 2024 HK$’000 HK$’000 HK$’000 HK$’000 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue: MGM Macau 3,394,435 3,040,540 9,929,893 9,795,859 MGM Cotai 5,115,183 4,208,738 15,240,681 13,671,401 Total Revenue 8,509,618 7,249,278 25,170,574 23,467,260 Adjusted EBITDA (1) : MGM Macau 914,430 801,518 2,792,625 2,919,379 MGM Cotai 1,458,682 1,182,736 4,459,699 4,012,877 Total Adjusted EBITDA 2,373,112 1,984,254 7,252,324 6,932,256 (1) Adjusted EBITDA is profit before finance costs, income tax expense, depreciation and amortization, gain/ loss on disposal/write-off of property and equipment and other assets, interest income, net foreign currency difference, share-based payments, pre-opening costs and corporate expenses which mainly include administrative expenses of the corporate office and license fee paid to a related company. Adjusted EBITDA is used by management as the primary measure of the Group’s operating performance and to compare our operating performance with that of our competitors. Adjusted EBITDA should not be considered in isolation, construed as an alternative to profit or operating profit as reported under IFRS Accounting Standards or other combined operations or cash flow data, or interpreted as an alternative to cash flow as a measure of liquidity. Adjusted EBITDA presented in this announcement may not be comparable to other similarly titled measures of other companies operating in the gaming or other business sectors. Our shareholders and potential investors are advised that the financial information of MGM China prepared under IFRS Accounting Standards presented herein relating to MGM China has not been audited or reviewed by MGM China’s auditor.
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– 4 – Summary Statistics The following tables present certain selected income statement line items and certain other data of MGM Macau and MGM Cotai. MGM Macau Three Months Ended September 30 Nine Months Ended September 30 (in thousands, except for number of gaming units, percentage and revenue per available room (“REVPAR”)) 2025 2024 2025 2024 HK$’000 HK$’000 HK$’000 HK$’000 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Main floor table games drop 14,477,628 13,537,234 42,685,070 42,311,968 Main floor gross table games win (1) 3,325,836 2,835,836 9,462,721 9,102,537 Main floor table games win percentage 23.0% 20.9% 22.2% 21.5% Average daily gross win per main floor gaming table 114.0 99.3 110.6 107.8 VIP table games turnover 6,081,883 7,673,918 17,713,570 28,136,755 VIP gross table games win (1) 118,826 230,130 539,794 736,334 VIP table games win percentage (calculated before commissions, complimentaries and other incentives) 2.0% 3.0% 3.0% 2.6% Average daily gross win per VIP gaming table 56.5 94.2 91.4 94.2 Slot machine handle 7,500,600 7,065,614 22,463,113 21,525,561 Slot machine gross win (1) 259,593 260,071 754,343 838,753 Slot hold percentage 3.5% 3.7% 3.4% 3.9% Average daily win per slot 2.9 3.1 2.8 3.2 Commissions, complimentaries and other incentives (1) (751,110) (664,937) (2,087,683) (2,045,672) Room occupancy rate 92.6% 95.0% 93.7% 94.4% REVPAR 2,481 2,509 2,404 2,716 As At September 30 2025 2024 Gaming Units: (Unaudited) (Unaudited) Tables (2) 346 339 Slot machines (3) 1,021 990
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– 5 – MGM Cotai Three Months Ended September 30 Nine Months Ended September 30 2025 2024 2025 2024 (in thousands, except for number of gaming units, percentage and REVPAR) HK$’000 HK$’000 HK$’000 HK$’000 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Main floor table games drop 17,374,718 13,313,512 49,271,306 44,408,067 Main floor gross table games win (1) 4,545,638 3,858,422 13,482,749 12,362,392 Main floor table games win percentage 26.2% 29.0% 27.4% 27.8% Average daily gross win per main floor gaming table 140.6 118.8 139.0 127.9 VIP table games turnover 21,695,821 15,039,604 80,700,341 91,660,687 VIP gross table games win (1) 952,720 496,792 2,971,741 2,367,150 VIP table games win percentage (calculated before commissions, complimentaries and other incentives) 4.4% 3.3% 3.7% 2.6% Average daily gross win per VIP gaming table 204.7 104.0 211.1 164.0 Slot machine handle 10,316,605 7,545,849 27,651,747 21,621,045 Slot machine gross win (1) 295,861 237,086 888,975 756,619 Slot hold percentage 2.9% 3.1% 3.2% 3.5% Average daily win per slot 3.3 2.7 3.4 2.9 Commissions, complimentaries and other incentives (1) (1,336,755) (1,013,822) (4,005,352) (3,716,302) Room occupancy rate 94.0% 93.9% 93.8% 93.8% REVPAR 2,111 2,143 2,092 2,333 As At September 30 2025 2024 Gaming Units: (Unaudited) (Unaudited) Tables (2) 404 411 Slot machines (3) 1,007 983 (1) The total of “main floor gross table games win”, “VIP gross table games win” and “slot machine gross win” is different to the casino revenue because casino revenue is reported net of commissions and certain sales incentives including the allocation of casino revenue to hotel rooms, food and beverage and other revenue for services provided to casino customers on a complimentary basis.
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– 6 – (2) Permanent table count as at September 30, 2025 and 2024. (3) Gaming machines operated by a single player and electronic multiple-player gaming machines. With a view to ensuring that all shareholders and potential investors of MGM China have equal and timely access to the information pertaining to the Group, set forth below are the key highlights of financial information relevant to the Group published by MGM Resorts International in the Earnings Release. (Unless otherwise provided, all dollar amounts in the Earnings Release are denominated in United States dollars): Extracts from the Earnings Release relating to MGM China for the third quarter of fiscal 2025: • “MGM China achieved both record 3Q Segment Adjusted EBITDAR and market share of 15.5% • Net revenues of $1.1 billion in the current quarter compared to $929 million in the prior year quarter, an increase of 17% due primarily to an increase in main floor table games drop; and • Segment Adjusted EBITDAR of $284 million in the current quarter compared to $237 million in the prior year quarter, an increase of 20%. The following table shows key gaming statistics for MGM China: Three Months Ended September 30 2025 2024 % change (Dollars in millions) Casino revenue 947 800 18% Main floor table games drop 4,072 3,443 18% Main floor table games win 1,006 858 17% Main floor table games win % 24.7% 24.9% Intercompany branding license fee expense for MGM China, which eliminates in consolidation, was $19 million in the current quarter and $16 million in the prior year quarter.”
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– 7 – Extracts from the Earnings Release relating to MGM China for the third quarter and nine months ended September 30, 2025: “MGM Resorts International and Subsidiaries Supplemental Data – Net Revenues (In thousands) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 MGM China 1,087,728 929,456 3,225,293 3,003,664 MGM Resorts International and Subsidiaries Supplemental Data – Segment Adjusted EBITDAR (In thousands) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 MGM China 283,990 237,356 870,897 832,405 MGM China corporate expense was $13 million in the current quarter and $36 million in the current year. MGM China corporate expense was $17 million in the prior year quarter and $41 million in the prior year. “Segment Adjusted EBITDAR” is our reportable segment GAAP measure, which we utilize as the primary profit measure for our reportable segments and underlying operating segments. Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, income (loss) from unconsolidated affiliates, goodwill impairment, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment. Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at MGM China.”
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– 8 – Our shareholders and potential investors are advised not to place undue reliance on the Earnings Release and are reminded that certain financial information of the Group presented herein has not been audited or reviewed by our auditor. Our shareholders and potential investors are advised to exercise caution in dealing in securities in MGM China. By Order of the Board MGM China Holdings Limited Antonio MENANO Company Secretary Hong Kong, October 30, 2025 As at the date of this announcement, our directors are Pansy Catilina Chiu King HO, William Joseph HORNBUCKLE, John M. MCMANUS, Jeny LAU and Kenneth Xiaofeng FENG as executive directors, Daniel J. TAYLOR, Ayesha Khanna MOLINO and Jonathan S. HALKY ARD as non-executive directors and Sze Wan Patricia LAM, Russell Francis BANHAM, Simon MENG and Chee Ming LIU as independent non-executive directors.