MGM Resorts Plans $2 Billion Osaka Investment, Macau Market Share Hits Record

MGM Resorts International expects to invest around $2 billion in MGM Osaka over 2027 and 2028 as the company prepares for the opening of its $10 billion integrated resort in Japan in 2030.

Good to know

• MGM plans to invest approximately $1 billion annually in MGM Osaka during 2027 and 2028.
• MGM China achieved a record 17.1% market share in Macau during the third quarter of 2026.
• MGM Resorts is prioritizing its Japan casino development and potential share buybacks.

MGM Macau Performance Strengthens Financial Position

While MGM prepares for major spending in Japan, its Macau operations continue to perform well.

MGM China achieved a record quarterly gaming market share of 17.1% in the third quarter of 2026, partly benefiting from favorable gaming hold. September was even stronger, with market share reaching 19.2%.

MGM President and CEO Bill Hornbuckle said the positive trading conditions continued into October.

Meanwhile, MGM Resorts reported consolidated third-quarter revenue of $4.2 billion, down 1% year over year. MGM China recorded 5% revenue growth, helping offset weaker results elsewhere in the business.

The company also has around $1.4 billion remaining under its authorized share repurchase program, giving management another option for allocating capital alongside its Japan investment.

MGM Osaka Funding Enters Final Two Years

MGM Osaka remains on schedule for a 2030 opening, with construction approximately 11% complete and around 70% of foundation piles finished.

During the third-quarter earnings call, Chief Financial Officer Jonathan Halkyard confirmed that MGM had already invested approximately JPY114 billion ($722 million) in the project.

The company expects to contribute another JPY150 billion to JPY160 billion, approximately $950 million to $1 billion, in each of the next two years.

“We are coming upon two years of investment in our Japan project at a billion dollars per year, and we do that enthusiastically just because of the returns we think are associated with that project,” Halkyard said.

MGM will use available cash and free cash flow to finance its remaining commitments. Japanese partner ORIX Corp and a yen-denominated bank facility will provide the rest of the funding for the overall development.

Halkyard also described MGM Osaka as an “over-equitized project,” expecting the resort to begin operations with leverage of approximately two times.

MGM could refinance the development shortly after opening, potentially allowing both MGM and ORIX to recover part of their invested capital.

Beyond Japan, management continues to see share repurchases as an attractive use of available funds.

“As we look at the opportunities before us, it’s going to be Japan, it’s going to be repurchases, and we think those are the two most important and remunerative ways to use our capital,” Halkyard added.

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