Financial Performance - Total revenue for 2023 reached HKD 24,684,210, a significant increase of 368% compared to HKD 5,268,569 in 2022[10] - Adjusted EBITDA for 2023 was HKD 7,235,246, recovering from a loss of HKD 1,274,355 in 2022[10] - The company reported a net profit of HKD 2,638,304 for 2023, compared to a loss of HKD 5,231,911 in the previous year[10] - The total gross gaming revenue for 2023 was MOP 183 billion, an increase of 334% from 2022[20] - The company reported a significant increase in revenue, achieving a total of $X billion, representing a Y% growth compared to the previous year[48] - The company reported a profit attributable to owners of HKD 2.638 billion, a significant recovery from a loss of HKD 5.232 billion in the previous year[153] Market Share and Visitor Statistics - The company’s market share increased from 9.5% in 2019 to 15.2% in 2023[23] - The number of visitors to the company’s hotels in 2023 was 106% of the 2019 levels[23] - In 2023, Macau's gross gaming revenue exceeded MOP 180 billion, with six licensed operators committing to a 20% increase in investment during the concession period[30] - The total number of inbound visitors to Macau increased by 394.9% in 2023 compared to 2022, with visitors from mainland China rising by 273.1%[103] - The company’s market share in Macau's gaming sector increased from 9.5% in 2019 to 15.2% as of December 31, 2023, following the acquisition of an additional 198 gaming tables[107] Operational Capacity and Investments - The company received operating rights for 750 gaming tables, up from 552 previously, enhancing operational capacity[23] - The company has committed to invest a total of MOP 16.7 billion (approximately HKD 16.2 billion) over the contract period, with MOP 15 billion (approximately HKD 14.6 billion) allocated for developing international markets and non-gaming projects, representing about 90% of the total investment[99] - The company has extended its revolving credit facility maturity date from May 15, 2024, to May 15, 2026[93] - The revised second revolving credit facility allows for an increased borrowing limit of HKD 58.5 billion, subject to certain conditions[96] Customer Experience and Non-Gaming Activities - MGM China is committed to enhancing customer experience and introducing more non-gaming activities in Macau[30] - The company aims to attract high-end customers through targeted positioning of luxury offerings such as "Yonghua Mansion" and "Yonghua No. 1" while maintaining focus on high-margin mid-tier gaming operations[101] - The company is focusing on enhancing customer experience through improved operational efficiency and diversified resort products, including innovative entertainment and art attractions[99] - MGM Resorts International's loyalty program, M Life Rewards, was developed under Hornbuckle's leadership, contributing to customer retention[38] Strategic Initiatives and Partnerships - MGM China aims to attract international and diverse visitors by hosting the MGM Macau Tennis Masters in collaboration with IMG, featuring top international tennis players[27] - The company has established a partnership with the Mandarin Oriental Hotel to provide additional rooms during peak demand periods[84] - The company continues to explore new strategies for market expansion and product development in the hospitality and gaming sectors[38] Leadership and Governance - William Joseph Hornbuckle has been the CEO and President of MGM Resorts International since July 29, 2020, overseeing global development and digital gaming strategies[38] - John M. McManus has served as the Chief Legal and Administrative Officer since September 2022, contributing to governance and compliance efforts[40] - The company’s independent directors bring diverse experience from various industries, enhancing governance and oversight[63][67] Financial Health and Debt Management - Cash and cash equivalents stood at HKD 4.230 billion, with available but undrawn unsecured credit facilities of HKD 11.450 billion[154] - Total borrowings as of December 31, 2023, amounted to HKD 24,098,731, a decrease from HKD 32,725,136 as of December 31, 2022[175] - The company has issued unsecured senior notes totaling USD 1.5 billion, with maturities in 2024, 2026, and 2027, to refinance existing debt and for general corporate purposes[176] - The company has established a leverage ratio not exceeding 4.5:1.0 and an interest coverage ratio of at least 2.5:1.0 as of each quarter-end starting from September 30, 2021[191] Challenges and Risks - The company faces challenges from factors such as economic slowdowns in mainland China, regulatory changes, and global trade tensions, which may impact visitor numbers and capital flows[106] - The company anticipates that ongoing legal proceedings related to gaming intermediaries will not have a significant impact on its financial performance or cash flows[171]

Financial Performance - Total revenue for MGM China Holdings Limited reached HKD 24,684,210 thousand in 2023, a significant increase from HKD 5,268,569 thousand in 2022, representing a growth of approximately 368%[2] - The company reported an adjusted EBITDA of HKD 7,235,246 thousand for 2023, compared to a loss of HKD 1,274,355 thousand in 2022, indicating a substantial recovery in operational performance[2] - Net profit attributable to shareholders was HKD 2,638,304 thousand in 2023, a turnaround from a loss of HKD 5,231,911 thousand in the previous year, marking a significant improvement[3] - Operating profit for the year was HKD 4,547,486 thousand, a recovery from an operating loss of HKD 3,609,542 thousand in 2022[5] - The company reported a significant increase in gaming revenue, reaching HKD 21,821,840 thousand in 2023, compared to HKD 4,438,995 thousand in 2022, reflecting a strong recovery in the gaming sector[2] - The group’s financial performance showed significant improvement following the relaxation of travel restrictions in Macau starting December 2022, leading to a substantial increase in visitor numbers[11] - Adjusted EBITDA for 2023 reached HKD 7,235,246, a significant recovery from a loss of HKD 1,274,355 in 2022[18] - Total operating revenue for 2023 was HKD 24,684,210, up from HKD 5,268,569 in 2022, representing a growth of approximately 368%[19] - The company reported a net profit attributable to shareholders of HKD 2,638,304 in 2023, compared to a loss of HKD 5,231,911 in 2022[25] - Basic earnings per share for 2023 were HKD 0.694, recovering from a loss of HKD 1.377 in 2022[25] Dividends and Shareholder Returns - The board declared a special dividend of HKD 0.104 per share, totaling approximately HKD 395,200 thousand, which represents about 15% of the net profit attributable to shareholders for the year[4] - The company plans to pay a final dividend of HKD 0.243 per share, amounting to approximately HKD 923,400 thousand, which constitutes about 35% of the net profit attributable to shareholders[4] Assets and Liabilities - Total assets decreased to HKD 29,181,304 thousand in 2023 from HKD 31,209,496 thousand in 2022, reflecting a reduction in cash and cash equivalents[6] - The company's total liabilities decreased to HKD 30,508,524 thousand in 2023 from HKD 35,205,917 thousand in 2022, indicating improved financial stability[9] - Cash and cash equivalents were HKD 4,231,986 thousand in 2023, down from HKD 6,706,591 thousand in 2022, highlighting a need for cash management strategies[6] - The group had a net current liability of HKD 5.1874 billion as of December 31, 2023, compared to a net current asset of HKD 4.9303 billion as of December 31, 2022, largely due to an unsecured senior note maturing on May 15, 2024[13] Gaming Operations - The group’s gaming license for MGM Cotai was granted for a period of 10 years from January 1, 2023, allowing the operation of a total of 750 gaming tables and 1,700 electronic gaming machines[12] - The mass market gaming segment accounted for 85% of the company's gaming revenue for the year ending December 31, 2023[68] - MGM's gaming operations are supported by a total of 950 slot machines and 351 gaming tables at the Macau MGM, which opened in December 2007[55] - As of December 31, 2023, the total floor area of the MGM Cotai is approximately 24,549 square meters, featuring 901 slot machines and 399 gaming tables[56] Visitor Trends and Market Conditions - The total number of inbound visitors to Macau increased by 394.9% compared to 2022, with total gaming revenue rising by 333.8% to HKD 177.7 billion for the year ending December 31, 2023[64] - The proportion of visitors from mainland China to Macau was approximately 67.5% in 2023, down from 70.9% in 2019, indicating a slight shift in visitor demographics[63] - The overall gaming market share increased from 9.5% in 2019 to 15.2% as of December 31, 2023, driven by additional gaming tables and a focus on the mid-to-high-end market[66] Operational Improvements - The company aims to enhance customer experience by improving product and service quality, increasing asset utilization, and maximizing operational efficiency across all business segments[61] - The company has enhanced its marketing efforts and brand recognition through various promotional activities and strategic alliances[71] - The company continues to focus on upgrading its facilities and enhancing customer experience in both gaming and non-gaming areas[71] Financial Obligations and Debt Management - The company believes it can meet its financial obligations due within the next twelve months based on its improved cash flow estimates and financial performance[13] - The company has extended the maturity date of its revolving credit facilities from May 15, 2024, to May 15, 2026[34] - The company has no secured debt or subordinated debt as of the announcement date[38] - The company’s total unsecured borrowings include HKD 21,374.339 million after deducting financing costs[34] Future Growth and Investments - The company has committed to invest MOP 19.7 billion (approximately HKD 19.1 billion) in gaming and non-gaming projects, with MOP 18 billion (approximately HKD 17.5 billion) allocated for non-gaming projects[31] - The company is exploring potential acquisitions to further strengthen its market position, with a budget of $200 million allocated for this purpose[149] - The company plans to expand its market presence in the U.S., targeting a 25% increase in revenue from this region over the next fiscal year[149] Corporate Governance and Compliance - The company has committed to maintaining high ethical standards and compliance with corporate governance codes as of December 31, 2023[135] - The company’s board of directors is composed of three independent non-executive directors and two non-executive directors, overseeing financial reporting and risk management[137]

Investment Rating - The report maintains a "Buy" rating for MGM China (2282 HK) [1] Core Views - MGM China's 4Q23 revenue and profits exceeded expectations, with total revenue reaching HKD 7 68 billion (134 9% of 4Q19 levels) and adjusted property EBITDA of HKD 2 19 billion (140 6% of 4Q19 levels) [2] - The company's gaming revenue recovery outpaced the industry, with mass market (including slots) gaming revenue reaching 163 1% of 4Q19 levels, leading the industry by 59 percentage points [3] - Non-gaming revenue recovered to 159 1% of 4Q19 levels, driven by successful events and concerts [3] - The report raises 2023-2025 revenue forecasts to HKD 24 2 billion, HKD 26 77 billion, and HKD 28 42 billion respectively, with adjusted property EBITDA forecasts of HKD 7 13 billion, HKD 8 13 billion, and HKD 8 76 billion [3] Financial Performance - 4Q23 gaming revenue reached HKD 8 5 billion, recovering to 125 1% of 2019 levels, with VIP and mass market (including slots) gaming revenue at 49 4% and 163 1% of 4Q19 levels respectively [3] - The company's market share increased to 16 3% in 4Q23 from 9 7% in 4Q19, maintaining a full-year 2023 market share of 15 1% despite new property openings by competitors [3] - MGM Macau and MGM Cotai achieved mass market table daily drop of 104 0% and 121 8% of 2019 levels respectively [3] Operational Highlights - The company's operational performance remained strong in early 2024, with January adjusted property EBITDA and market share exceeding October 2023 peak levels [3] - Chinese New Year period saw visitor numbers and gaming volumes significantly surpassing 2019 levels [3] - The company has successfully hosted concerts by international and local artists, boosting non-gaming revenue and driving foot traffic [3] Valuation - The report sets a target price of HKD 16 8, with current EV/adjusted property EBITDA multiples of 10 0x, 8 8x, and 8 1x for 2023-2025 [3] - The stock is trading at HKD 12 58, with a 52-week range of HKD 9 20-12 94 [4]

Group 1 - The core viewpoint of the report is that Jefferies has upgraded the rating of MGM China (02282) from "Hold" to "Buy" following its quarterly results, predicting a significant increase in Macau's gaming revenue in 2024 and 2025 [1] - Jefferies forecasts that Macau's gaming revenue will increase by approximately 28% and 2% year-on-year in 2024 and 2025, reaching daily revenues of MOP 640 million and MOP 656 million, which would be about 80% and 82% of the pre-pandemic levels in 2019 [1] - The report highlights that MGM's Q4 2023 earnings and market share reached new highs, exceeding expectations, and this positive trend is expected to continue into 2024, especially as the Lunar New Year gaming performance in Macau has already surpassed 2019 levels [1] Group 2 - Jefferies believes that the fundamental factors for gaming stocks are better than expected, indicating that MGM China is currently undervalued in the mid-term cycle, with an anticipated further increase in market share [1] - The target price for MGM China has been raised by 62.8% from HKD 9.4 to HKD 15.3, reflecting the positive outlook for the company's performance [1]

智通财经APP获悉，瑞银发布研究报告称，予美高梅中国(02282)“买入”评级，目标价14.3港元。管理层预期，公司未来几个季度的毛利将维持稳定，促销费用占收入的比例也将保持稳定。管理层强调，尽管并非旺季，但1月的市场份额高于20%，相对于去年第四季为16.3%，推动EBITDA超过去年10月的水平。 公司去年第四季经调整物业EBITDA为2.81亿美元，按季增长约16%，并为2019年同期约141%水平。经贵宾厅赢率调整后的物业EBITDA约为2.78亿美元，高于市场预期的2.58亿美元。季内整体市场份额按季增长约2个百分点至约16.3%，主要受惠于中场博彩收入强劲增长，约按季升24%，相当于2019年同期的约163%水平。 ...

Design by MO-Design MGM China LTD., Holdings a local Macau Limited SME. Typeset 美高梅中國控股有限公司 and production ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示不會就因本公告全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 MGM CHINA HOLDINGS LIMITED 美 高 梅 中 國 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號： 及債務股份代號： ） 2282 6026, 6028, 40258, 40634 截至 年 月 日止六個月 2023 6 30 中期業績公告 美高梅中國控股有限公司（「本公司」）董事會欣然公佈本公司及其附屬公司（統稱「本 集團」）截至2023年6月30日止六個月的未經審核簡明綜合業績如下： 財務摘要 截至6月30日止六個月 2023年 2022年 千港元 千港元 ...

2022年年報 目 錄 2 公司資料 3 財務摘要 4 董事長報告 12 董事及高級管理層 22 管理層討論及分析 62 重大風險因素 83 企業管治報告 105 董事會報告 綜合財務報表 153 獨立核數師報告 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示不會就因本公告全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 MGM CHINA HOLDINGS LIMITED 美 高 梅 中 國 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2282及債務股份代號：6026，6028，40258，40634） 截至 年 月 日止年度 2022 12 31 年度業績公告 美高梅中國控股有限公司（「本公司」）董事會欣然公佈本公司及其附屬公司（統稱「本 集團」）截至2022年12月31日止年度的經審核綜合年度業績如下： 財務摘要 截至12月31日止年度 2022年 2021年 千港元 千港元 ...