MGM China set new third-quarter records for both revenue and Adjusted EBITDA, with revenue increasing 5% year-on-year to approximately HK$8.9bn. The operator also expanded its overall Macau gaming market share to a record 17.1%, driven by MGM Cotai's 10.5% share.
Summary based on reporting by G3 Newswire, which retains all rights to its text and images.
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MGM Resorts' LeoVegas-led international digital division narrowed its third-quarter loss to $4 million, approaching break-even behind strong performance in Spain, the Netherlands, and the UK. However, the segment's revenue growth decelerated sharply to 6% compared to the prior quarter. The slowdown comes as operators across the UK and Europe navigate an environment of rising tax burdens.
Coinbase Global reported a 34% year-over-year decline in third-quarter net revenue to $1.16 billion, missing analyst estimates amid subdued cryptocurrency trading and lower volatility. Despite the downturn in its core exchange business, the company's prediction market division surpassed $200 million in annualized revenue in less than a year of operation. The unit has emerged as one of the fastest-growing segments in the exchange's history.
Prediction market operator Kalshi has attained a $40 billion valuation after securing $1 billion in a new funding round co-led by Sequoia Capital and Wellington Management. The investment raises the company's total capital raised to approximately $3.6 billion as it expands into traditional financial trading. The milestone comes as the platform continues to navigate legal disputes regarding its sports-related contracts.
Gaming and Leisure Properties reported record third-quarter results, driven by a 9.5% year-on-year revenue increase to $435.4 million. The real estate investment trust also saw adjusted EBITDA rise 13% to $413.9 million, while adjusted funds from operations grew 10.5% to $311.7 million.
Bally’s Corporation has expressed support for The Star Entertainment Group's turnaround efforts following a major regulatory resolution in Australia. The backing arrives after the Federal Court of Australia levied a A$260 million ($182.64 million) penalty against Star for historical anti-money laundering and counter-terrorism financing violations. The financial sanction is set to be paid in four instalments over a 19-month period.