Core Viewpoint - MGM China reported strong financial results for Q3 2025, with significant year-over-year growth in net revenue and adjusted EBITDA, indicating a robust recovery in the gaming sector [1][2]. Financial Performance - Q3 2025 net revenue reached HK$8.5 billion, reflecting a 17% increase year-over-year and a 53% increase compared to Q3 2019 [1]. - Adjusted EBITDA for the same period was HK$2.37 billion, marking a 20% year-over-year growth [1]. - Total gross gaming revenue (GGR) increased by 20% year-over-year, and was up 36% compared to Q3 2019 [2]. - Mass GGR saw a remarkable growth of 101%, while slot machine GGR grew by 36%, and VIP GGR recovered by 43% compared to Q3 2019 [2]. Market Position - MGM China's market share in Q3 was reported at 15.5%, which improved to 16.5% during the October Golden Week [2]. Future Projects - The Alpha Gaming Club at MGM Macau opened at the end of September, featuring nearly 30 gaming tables [3]. - A project to convert 160 standard rooms into 60 suites at MGM Cotai is expected to be completed in the first half of 2026 [3]. - The company plans to continue focusing on the premium mass business as part of its strategic direction [3]. Investment Outlook - The company maintains a target price of HK$19, indicating a 26% upside potential, and continues to hold a Buy rating [1][3].

Core Viewpoint - MGM China reported better-than-expected performance for Q3 2025, with net revenue of HKD 8.51 billion, a year-on-year increase of 17% and a quarter-on-quarter decrease of 2%, recovering to 147% of Q3 2019 levels [1] Financial Performance - Adjusted EBITDA for Q3 2025 was HKD 2.373 billion, up 20% year-on-year and down 6% quarter-on-quarter, recovering to 153% of Q3 2019 levels, exceeding Bloomberg consensus estimate of HKD 2.304 billion [1] - Total gaming revenue for MGM Cotai and MGM Macau reached 170% and 104% of Q3 2019 levels, respectively, driven by high-end demand [1] Development Trends - Management noted strong performance during the Golden Week, with total gaming revenue achieving year-on-year growth and a market share of 16.5% in October, outperforming the industry [1] - Management expects MGM China to achieve over USD 100 million in EBITDA by October 2025, potentially setting historical highs for monthly revenue and EBITDA [1] - Despite increasing industry competition, management remains confident in maintaining market share through high-quality products and services [1] - The Alpha gaming area opened at MGM Macau at the end of Q3 2025, featuring 30 gaming tables, Alpha villas, and a cigar bar [1] - MGM Cotai has begun renovation projects to convert 160 standard rooms into 60 suites, primarily two-bedroom suites, expected to be completed in the first half of 2026 to meet evolving customer preferences [1] Earnings Forecast and Valuation - The company maintains its adjusted EBITDA forecasts for 2025 and 2026, with the current stock price corresponding to 6 times the 2026 projected EV/EBITDA [2] - The company maintains an "outperform" rating and a target price of HKD 19.80, corresponding to 8 times the 2026 projected EV/EBITDA, indicating a 31% upside from the current stock price [2]

Core Viewpoint - MGM China Holdings Limited reported its unaudited financial results for the third quarter ending September 30, 2025, showing significant growth in revenue and adjusted EBITDA compared to the previous year [1] Financial Performance - Total revenue for the third quarter was approximately HKD 8.51 billion, representing a year-on-year increase of 17.39% [1] - Adjusted EBITDA for the third quarter was approximately HKD 2.373 billion, reflecting a year-on-year growth of 19.6% [1] - Net income for the third quarter was approximately USD 1.088 billion, marking a year-on-year increase of 17.03% [1] Segment Performance - Revenue from MGM Macau was approximately HKD 3.394 billion, with a year-on-year increase of 11.64% [1] - The occupancy rate for MGM Macau was 92.6%, a decrease of 2.4 percentage points year-on-year [1] - RevPAR (Revenue per Available Room) for MGM Macau was HKD 2,481, a decrease of 1.12% year-on-year [1] - Revenue from MGM Cotai was approximately HKD 5.115 billion, showing a year-on-year increase of 21.54% [1] - The occupancy rate for MGM Cotai was 94%, an increase of 0.1 percentage points year-on-year [1] - RevPAR for MGM Cotai was HKD 2,111, a decrease of 1.49% year-on-year [1]

Core Viewpoint - MGM China reported a total revenue of approximately HKD 8.51 billion for Q3 2025, representing a year-on-year increase of 17.39% [1] - Adjusted EBITDA was approximately HKD 2.373 billion, up 19.6% year-on-year, primarily driven by increased table game betting amounts [1] - The company continued to optimize its mass market business layout, significantly enhancing average daily betting amounts at tables, leading to overall revenue growth exceeding market expectations [1] Financial Performance - Total revenue for Q3 2025 was approximately HKD 8.51 billion, a 17.39% increase compared to the previous year [1] - Adjusted EBITDA reached approximately HKD 2.373 billion, reflecting a year-on-year growth of 19.6% [1] Business Strategy - The company focused on optimizing its mass market business layout during the reporting period [1] - There was a significant increase in average daily betting amounts at tables, contributing to the overall revenue growth [1]

Group 1 - The core viewpoint of the article is that MGM China Holdings Limited reported a significant increase in total revenue and adjusted EBITDA for the third quarter of 2025, driven by higher table game bets [1] Group 2 - Total revenue for MGM China reached approximately HKD 8.51 billion, representing a year-on-year growth of 17.39% [1] - The adjusted EBITDA was approximately HKD 2.373 billion, showing a year-on-year increase of 19.6% [1]

Core Insights - MGM China (02282) reported Q3 2025 earnings with total revenue of approximately HKD 8.51 billion, representing a year-on-year increase of 17.39%, primarily driven by increased table game betting volume [1] - Adjusted EBITDA for the quarter was approximately HKD 2.373 billion, reflecting a year-on-year growth of 19.6% [1] Financial Performance - Total revenue reached approximately HKD 8.51 billion, up 17.39% compared to the previous year [1] - Adjusted EBITDA was around HKD 2.373 billion, showing a 19.6% increase year-on-year [1]

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：6028, 40634, 5036） 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。 美高梅國際酒店集團已根據適用於在紐約證券交易所上市的公司的持續披露責任向美國 證券交易委員會（「美國證交會」）就其未經審核季度報告（包括季度財務資料及表格10-Q 規定的若干營運統計數據）存檔。是次存檔包括有關美高梅中國及其附屬公司（「我們」 或「本集團」）業務的分類財務資料。公眾人士可於公開網頁查閱有關存檔資料。 美高梅國際酒店集團已於2025年10月29日（紐約時間下午4時30分）或前後公佈其截至 2025年9月30日止第三季度及九個月的未經審核季度報告（「季度報告」）。為確保美高梅 中國全體股東及潛在投資者均同樣及適時取得有關本集團的資料，閣下如欲查閱由美高 梅國際酒 ...

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：6028, 40634, 5036） 內幕消息 我們的控股股東美高梅國際酒店集團 截至2025年9月30日止第三季度的未經審核業績 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10月29日（紐約時間下午4時15分） 或前後公佈其截至2025年9月30日止第三季度的未經審核業績，其中包括根據美國公 認會計原則編製及呈列的美高梅中國控股有限公司財務資料。 本公告乃美高梅中國控股有限公司（「美高梅中國」或「本公司」）根據證券及期貨條例（第 571章）第XIVA部內幕消息條文及香港 ...

Core Viewpoint - MGM China (02282.HK) experienced a significant increase in stock price, rising over 5% in the afternoon trading session, indicating positive market sentiment towards the company [1] Group 1 - MGM China's stock price rose by 5.02%, reaching HKD 15.05 [1] - The trading volume for MGM China was reported at HKD 87.37 million [1]

Core Viewpoint - MGM China (02282) shares rose over 5%, reaching HKD 15.05, with a trading volume of HKD 87.37 million, driven by positive industry forecasts and analyst upgrades [1] Group 1: Industry Outlook - Citigroup forecasts a 7% year-on-year increase in EBITDA for the Macau gaming operators in Q3, with MGM China expected to achieve a 13% year-on-year growth [1] - The anticipated higher EBITDA growth for MGM China compared to the industry may provide positive stock momentum ahead of the company's earnings announcement on October 30 [1] Group 2: Analyst Ratings and Price Targets - Citigroup maintains a "Buy" rating for MGM China, setting a target price of HKD 19, and includes it in the positive catalyst watchlist for October 30 [1] - Credit Lyonnais believes MGM China has revaluation potential, noting that its 2026 EV/EBITDA and P/E multiples remain low among six Macau gaming companies [1] - Following an assessment of market share, profit margins, return on capital, and dividend growth, Credit Lyonnais raised its target price for MGM China from HKD 18.3 to HKD 22.7, maintaining an "Outperform" rating [1]