The ratings agency expects MGM China to enter a more stable phase.
Macau.- Fitch Ratings has affirmed the issuer default rating of MGM Resorts International at “BB-” with a stable outlook. It said the company’s Macau operations are expected to move into a more stable growth phase after the post-pandemic rebound in the market.
According to the agency, the rating reflects MGM Resorts’ scale, diversification and strong competitive position, as well as a robust liquidity profile and a financial policy it sees as relatively conservative. These strengths are partly offset by the company’s development pipeline, exposure to volatility in high-end gaming segments and increasing operating costs. the agency said.
Macau remains a key contributor to the group’s earnings. The company’s subsidiary, MGM China Holdings, operates the integrated resorts MGM Macau and MGM Cotai. In 2025, the unit generated adjusted EBITDAR of approximately US$1.20bn, representing an increase of about 10.7 per cent year-on-year.
Fitch said the operator has performed well despite economic uncertainty in mainland China and an increasingly competitive promotional environment. Looking ahead, the agency expects growth in Macau to become “steadier” compared with the recovery phase following the reopening of travel in the region.
This is expected to allow MGM China to deliver stable cash flow to its parent company through distributions and branding fees. A new long-term branding agreement between MGM Resorts and its Macau subsidiary took effect on January 1, increasing the licensing fee paid by MGM China for the use of the MGM brand.
The ratings agency expects MGM China to enter a more stable phase. Macau.- Fitch Ratings has affirmed the issuer default rating of MGM Resorts International at “BB-” with a stable outlook. It said the company’s Macau operations are expected to move into a more stable growth phase after the post-pandemic rebound in the market. According…
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