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]

Core Viewpoint - MGM China (02282) shares rose over 5%, reaching HKD 15.05, with a trading volume of HKD 87.37 million, indicating positive market sentiment ahead of earnings announcement on October 30 [1] Group 1: Industry Performance - 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 before the earnings report [1] Group 2: Analyst Ratings and Price Targets - Citigroup maintains a "Buy" rating for MGM China, setting a target price of HKD 19 and including it in the positive catalyst watchlist for 30 days [1] - Credit Lyonnais believes MGM China has revaluation potential, with its 2026 EV/EBITDA and P/E ratios remaining 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 from HKD 18.3 to HKD 22.7 while maintaining an "Outperform" rating [1]

Core Viewpoint - Citibank's report indicates that MGM China (02282) has significant revaluation potential, with its 2026 EV/EBITDA and P/E multiples remaining low among six Macau gaming companies [1] Group 1: Valuation Metrics - MGM China's current price corresponds to 7.7 times the 2026 EV/EBITDA, which is 15% lower than the industry average [1] - Citibank raised the target EV/EBITDA multiple from 8.8 times to 10.6 times, which is still 0.5 standard deviations below the long-term average [1] Group 2: Target Price Adjustment - The target price for MGM China has been increased from HKD 18.3 to HKD 22.7 [1] Group 3: Investment Rating - Citibank maintains an "outperform" rating for MGM China [1]

Core Viewpoint - The report from CICC maintains the 2025 total gaming revenue forecast for Macau while raising the 2026 forecast, expecting total gaming revenue to grow by 9% and 5% in the next two years, recovering to 84% and 88% of 2019 levels respectively [1] Industry Summary - Total gaming revenue is projected to grow by 9% in 2025 and 5% in 2026, reaching 84% and 88% of 2019 levels [1] - Mass gaming revenue is expected to increase by 7% and 6% in 2025 and 2026, recovering to 119% and 126% of 2019 levels [1] - VIP gaming revenue is forecasted to grow by 19% in 2025 but decline by 5% in 2026, recovering to 29% and 28% of 2019 levels [1] - The industry EBITDA for Q3 is estimated to reach $2.108 billion, reflecting a 9% year-on-year growth and a 2% quarter-on-quarter increase, recovering to 91% of the 2019 Q3 level [1] - Total gaming revenue remains resilient, but increased market competition and rising reinvestment rates are pressuring EBITDA [1] Company Summary - CICC is optimistic about MGM China (02282) and Sands China (01928), projecting adjusted EBITDA for Q3 to be HKD 2.352 billion and USD 590 million, representing year-on-year increases of 19% and 1% respectively [1] - Target prices for MGM China and Sands China are set at HKD 19.8 and HKD 23.8, both rated as "outperforming the industry" [1]