Group 1 - Gaming stocks are rising against the trend, with MGM China up 6.67% to HKD 16.64, Melco International Development up 4.02% to HKD 5.44, Sands China up 1.82% to HKD 19.06, and Galaxy Entertainment up 1.32% to HKD 38.45 [1] - MGM China reported total revenue of HKD 8.667 billion for Q2, a year-on-year increase of 8.89%, and total revenue of HKD 16.661 billion for the first half of the year, up 2.73% year-on-year [1] - The adjusted EBITDA for Q2 reached HKD 2.511 billion, marking a year-on-year growth of 2.79%, setting a new record [1] Group 2 - Citigroup raised the target price for MGM from HKD 17.1 to HKD 18 while maintaining a "Buy" rating [1] - Citigroup maintains a forecast for July 2025 GGR at MOP 21 billion, which is approximately 86% of the July 2019 level, with a year-on-year growth of 13% [1] - Macquarie recently increased its forecast for total gaming revenue in Macau for 2025 by 5% to MOP 235.7 billion, representing a year-on-year growth of 4% [1]

Group 1 - The gaming stocks are rising against the trend, with MGM China increasing by 6.67% to HKD 16.64, Melco International Development up by 4.02% to HKD 5.44, Sands China rising by 1.82% to HKD 19.06, and Galaxy Entertainment up by 1.32% to HKD 38.45 [1] - MGM China reported total revenue of HKD 8.667 billion for Q2, a year-on-year increase of 8.89%, and total revenue of HKD 16.661 billion for the first half of the year, up 2.73% year-on-year [1] - The adjusted EBITDA for Q2 reached HKD 2.511 billion, marking a year-on-year growth of 2.79%, setting a new record [1] Group 2 - Citigroup raised the target price for MGM from HKD 17.1 to HKD 18 while maintaining a "Buy" rating [1] - Citigroup maintains the forecast for July 2025 gross gaming revenue (GGR) at MOP 21 billion, which is approximately 86% of the July 2019 level, with a year-on-year growth of 13% [1] - Macquarie recently increased its forecast for total gaming revenue in Macau for 2025 by 5% to MOP 235.7 billion, representing a year-on-year growth of 4% [1]

Core Viewpoint - Citigroup's research report indicates that MGM China achieved a record high EBITDA of HKD 25.11 billion in Q2 2025, with a market share of 16.6% and an EBITDA margin of 29%, aligning with management's guidance [1] Group 1: Financial Performance - MGM China's EBITDA reached HKD 25.11 billion in Q2 2025, marking a historical high [1] - The EBITDA margin stood at 29%, consistent with management's expectations [1] - The company maintained a market share of 16.6% during this period [1] Group 2: Competitive Position - Citigroup believes MGM China's performance reflects its competitiveness and prudent spending, particularly in player reinvestment [1] - Despite new product launches from competitors like Sands China's Londoner and Galaxy's Capella hotel, MGM China continues to show strong business momentum [1] Group 3: Future Outlook - Management indicated that business momentum remained strong as of July 2025, with all business segments recording robust transaction volumes [1] - Citigroup anticipates that new suites and villas opening from July 2025 to mid-2026 will help MGM China maintain its market share [1] Group 4: Stock Valuation - Citigroup raised MGM China's target price from HKD 17.1 to HKD 18 while maintaining a "Buy" rating [1] - Despite recent stock price increases, Citigroup considers the stock's valuation attractive, with a 2026 fiscal year EBITDA multiple of 8.3 times, which is more than one standard deviation below the average [1] - The stock offers an approximate 4% dividend yield based on a 50% payout ratio [1]

Group 1 - The core viewpoint of the article highlights the upward trend of Hong Kong gaming stocks, particularly MGM China, which saw a more than 4% increase after its earnings report, reaching a new high for the period [1] - Macquarie has raised its forecast for Macau's total gaming revenue in 2025 by 5% to 235.7 billion, indicating a year-on-year growth of 4% [1] - Following a strong second quarter, Macquarie expects Macau's gaming business to remain robust in the third quarter, supported by the upcoming openings of high-end hotels and elite events [1] Group 2 - Specific stock performance includes MGM China with a 4.1% increase, SJM Holdings up 1.5%, Sands China rising 1.4%, and Galaxy Entertainment gaining 0.5% [1] - MGM China's adjusted EBITDA for the second quarter grew by 2.8% year-on-year to 2.511 billion, with a quarter-on-quarter increase of 6.1%, marking a quarterly record [1] - During the period, MGM China's gaming revenue reached 977 million, reflecting a 10% year-on-year growth, with the overall market share at 16.6%, and specific shares for MGM Macau and MGM Cotai at approximately 6.2% and 10.5% respectively [1]

Core Viewpoint - MGM China Holdings Limited (02282) experienced a stock price increase of over 5%, reaching HKD 16.44 with a trading volume of HKD 81.31 million [1] Financial Performance - For the second quarter ending June 30, total revenue was HKD 8.667 billion, representing a year-on-year growth of 8.89% [1] - For the first half of the year, total revenue reached HKD 16.661 billion, showing a year-on-year increase of 2.73% [1] - The adjusted EBITDA for the second quarter was HKD 2.511 billion, marking a year-on-year increase of 2.79%, achieving a record high [1] - For the first half of the year, adjusted EBITDA was HKD 4.879 billion, reflecting a year-on-year decline of 1.39% [1]

消息面上，美高梅中国公布，根据国际财务报告准则，截至今年6月30日止第2季度，总收益为86.67亿 港元，同比增长8.89%；上半年总收益为166.61亿元，同比增长2.73%。第2季公司的经调整EBITDA为 25.11亿元，同比增长2.79%，创新高；上半年经调整EBITDA为48.79亿元，同比下跌1.39%。 智通财经APP获悉，美高梅中国(02282)涨超5%，截至发稿，涨5.38%，报16.44港元，成交额8131.04万 港元。 ...

Market Performance - The Hang Seng Index (HSI) fell by 347 points or 1.4%, closing at 25,176 points[1] - The National Index dropped by 107 points or 1.2%, closing at 9,038 points[1] - The Hang Seng Tech Index decreased by 153 points or 2.7%, closing at 5,490 points[1] - Total market turnover was HKD 319.65 billion[1] Economic Indicators - The People's Bank of China conducted a 309 billion RMB seven-day reverse repurchase operation at a steady rate of 1.4%[2] - The Shanghai Composite Index rose by 6 points or 0.2%, closing at 3,615 points with a turnover of 819.6 billion RMB[2] - The Shenzhen Component Index fell by 86 points or 0.8%, closing at 11,203 points with a turnover exceeding 1.02 trillion RMB[2] Corporate Earnings - MGM China reported total revenue of HKD 8.667 billion for Q2, an increase of 8.9% year-on-year[4] - Budweiser APAC reported revenue of USD 3.136 billion for the first half of the year, a decrease of 7.7% year-on-year[5] - New Oriental Education reported net revenue of USD 4.9 billion for FY2025, an increase of 13.6% year-on-year[5]

Core Viewpoint - MGM China Holdings Limited reported an increase in total revenue and adjusted EBITDA for the three months ending June 30, 2025, compared to the same period last year, indicating a positive growth trend in the company's financial performance [1] Financial Performance Summary - For the three months ending June 30, 2025, total revenue reached HKD 8.667 billion, representing an 8.89% year-on-year increase [1] - Adjusted EBITDA for the same period was HKD 2.511 billion, showing a 2.79% year-on-year increase [1] - For the six months ending June 30, 2025, total revenue was HKD 16.661 billion, which is a 2.73% year-on-year increase [1] - Adjusted EBITDA for the six-month period was HKD 4.879 billion, reflecting a 1.39% year-on-year decrease [1]

Group 1 - The core viewpoint of the article is that MGM China Holdings Limited reported an increase in total revenue and adjusted EBITDA for the three months ending June 30, 2025, compared to the same period last year [1] - For the three months ending June 30, 2025, total revenue reached HKD 8.667 billion, representing an increase of 8.89% year-on-year [1] - The adjusted EBITDA for the same period was HKD 2.511 billion, showing a year-on-year increase of 2.79% [1] Group 2 - For the six months ending June 30, 2025, total revenue amounted to HKD 16.661 billion, which is a year-on-year increase of 2.73% [1] - The adjusted EBITDA for the six-month period was HKD 4.879 billion, reflecting a year-on-year decrease of 1.39% [1]

2282 6028, 40634, 5036 內幕消息 我們的控股股東 美高梅國際酒店集團業績 2025年財政年第二季度及上半年 表格10-Q季度報告 本公告乃根據證券及期貨條例（第571章）第XIVA部內幕消息條文及香港聯合交易所有 限公司證券上市規則第13.09及37.47B條刊發。 我們的控股股東美高梅國際酒店集團已於2025年7月30日（紐約時間下午4時30分）或前 後公佈其2025年財政年第二季度及上半年的未經審核季度報告。 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 本公告乃美高梅中國控股有限公司（「美高梅中國」）根據證券及期貨條例（第571章）第 XIVA部內幕消息條文及香港聯合交易所有限公司（「香港聯交所」）證券上市規則第13.09及 37.47B條刊發。 承董事會命 美高梅中國控股有限公司 公司秘書 Antonio MENANO 香港，2025年7月31日 截至本公告刊發日期， ...