目錄 | 主席寄語 | 2 | | --- | --- | | 關於本報告 | 5 | | 關於美高梅中國 | 6 | | 可持續發展概覽 | 9 | | 我們的可持續發展方針 | 10 | | 建立更好的團隊 | 25 | | 塑造更好的社區 | 38 | | 共建更美好的地球 | 49 | | 促進客人和合作夥伴關係 | 65 | | 附錄 | | | 氣候相關財務信息披露 | 78 | | 表現數據摘要 | 84 | | 主要嘉許、獎項及會籍 | 92 | | 內容索引 | 94 | | 獨立核證報告 | 118 | 主席寄語 關於本報告 可持續發展概覽 我們的 可持續發展方針 關於美高梅中國 建立更好的團隊 塑造更好的社區 主席 寄語 2025年標誌著澳門旅遊業及美高梅中國穩健復甦的又一年。 訪澳旅客人次按年增長14.7%，博彩毛收入亦錄得9.1%的升 幅，反映區域互聯互通持續加強、基礎設施配套升級，以及 澳門獨特文化底蘊所展現的吸引力。 在美高梅中國，我們的「旅遊+」策略繼續透過拓展旅遊體驗， 推動長期價值創造。我們在藝術、文化、體育及娛樂方面的 多元拓展，進一步支持澳門建設成為世界旅遊休閒中心。位 ...

Financial Performance - For the year ended December 31, 2025, operating revenue reached HKD 34.787 billion, an increase of 10.8% compared to HKD 31.387 billion in 2024[15]. - Adjusted EBITDA for the same period reached a historical high of HKD 10.005 billion, up 10.4% from HKD 9.059 billion in 2024[15]. - Profit attributable to the company's owners was HKD 5.075 billion, reflecting a 10.2% increase from HKD 4.603 billion in 2024[15]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion for the quarter, representing a 15% year-over-year growth[59]. - The company provided an optimistic outlook for the next quarter, projecting revenue growth of 10% to 12% based on current market trends and user acquisition strategies[59]. - Total gaming revenue increased by 11.7% to HKD 30.471 billion for the year ended December 31, 2025, compared to HKD 27.283 billion in 2024[105]. - Operating costs increased by 10.7% to HKD 15.353 billion, primarily due to higher gaming taxes and fees[111]. - Employee costs rose by 12.4% to HKD 5.282 billion, attributed to salary adjustments and increased headcount[113]. - The profit attributable to the company's owners increased from HKD 4.6034 billion for the year ending December 31, 2024, to HKD 5.0748 billion for the year ending December 31, 2025, representing a growth of approximately 10.2%[122]. Gaming Operations - The overall gaming market share increased to a record high of 16.1%, compared to 15.8% in the previous year[15]. - Total win from mass gaming tables increased by 10.2% to HKD 31.510 billion, driven by a 1.1% increase in betting volume at MGM Macau and a 14.2% increase at MGM Cotai[15]. - Total win from VIP gaming tables rose by 19.5% to HKD 4.837 billion, despite a decrease in turnover at both MGM Macau and MGM Cotai[15]. - Total win from slot machines increased by 3.3% to HKD 2.296 billion, supported by a 3.1% increase in betting volume at MGM Macau and a 26.5% increase at MGM Cotai[15]. - The company's mass gaming segment accounted for 87% of its gross gaming revenue for the year ending December 31, 2025[83]. - The total win amount from main table games at MGM Macau was HKD 12.775 billion, with a win rate of 22.5%, up from 21.7% in 2024[101]. - The total win amount from slot machines was HKD 995.7 million, with a win rate of 3.3%, down from 3.9% in 2024[101]. Visitor Engagement and Experience - The number of visitors to the properties increased by 14%, with a peak of nearly 111,000 visitors recorded on December 31[24]. - The new immersive experience program "Treasure Box" was launched to enhance customer engagement, with the first exhibition attracting 826,000 visitors last year[30]. - Over 30% of the audience for the "Macau 2049" show, created in collaboration with renowned director Zhang Yimou, came from overseas, highlighting its global appeal[30]. - The company continues to enhance customer experience through renovations and expansions of hotel, dining, and entertainment facilities[86]. - The company has a dedicated team managing credit risk for VIP customers, ensuring timely collection of receivables[85]. Strategic Initiatives and Investments - The company aims to strengthen its creative capabilities and continue investing in assets, talent, and community to maintain its leading position in Macau's transformation into a global diversified tourism destination[31]. - MGM Resorts International has expanded its domestic and international presence, including resort developments in Maryland and Macau, and the T-Mobile Arena in Las Vegas[36]. - The company has created BetMGM to enhance its expansion in the entertainment and sports betting sectors[36]. - The company has invested $50 million in research and development for new technologies aimed at improving operational efficiency and customer experience[59]. - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year, with a focus on innovative technology solutions[59]. Management and Leadership - William Hornbuckle has been the CEO and President of MGM Resorts International since July 29, 2020, overseeing the company's strategy and operations, including global development and digital gaming strategies[36]. - John M. McManus has served as the Chief Legal and Administrative Officer since September 2022, contributing to the company's governance and compliance efforts[37]. - Jonathan S. Halkyard has served as CFO since January 2021, overseeing all financial activities and investor relations for MGM Resorts International, with prior experience at Extended Stay America and Caesars Entertainment[44]. - Ayesha Khanna Molino was appointed COO of MGM Resorts International in January 2026, bringing significant policy experience from her previous roles in the U.S. Senate and the Department of Commerce[43]. - The leadership team has a strong background in hospitality and finance, with members holding advanced degrees and professional qualifications in their respective fields[39][40]. Community and Social Responsibility - The Golden Lion Volunteer Team contributed over 31,000 hours of community service through 5,800 activities in 2025, emphasizing the company's focus on community welfare[31]. - The company has implemented anti-money laundering policies to comply with all applicable laws and regulations in Macau, but cannot guarantee their effectiveness in preventing illegal activities[198]. - The group’s reputation and brand value are at risk if it fails to address environmental, social, and governance (ESG) concerns adequately[192]. Risks and Challenges - The company faces intense competition in the gaming and hospitality sectors, particularly in Macau, which is expected to increase with new projects coming online[166]. - Economic downturns and uncertainties significantly impact the company's operations, particularly consumer discretionary spending and business travel expenditures[168]. - The group is exposed to risks from external factors such as natural disasters, geopolitical events, and terrorism, which could disrupt travel and negatively affect business performance[174]. - Cybersecurity threats pose risks to the integrity of customer and company data, which could result in significant costs and damage to the group's reputation[188]. - The group faces significant risks related to the inability to establish and protect its intellectual property, which could adversely affect its business, financial condition, and operating performance[181].

Investment Rating - The investment rating for MGM China is maintained as "Buy" with a target price of HKD 18.20 [2][9]. Core Insights - MGM China reported strong performance in its mid-to-high-end business, with a market share increase to 16.5% in Q4 2025 and 16.1% for the full year, marking a historical high [5]. - The company achieved operating revenue of HKD 96.2 billion for Q4 2025 and HKD 347.9 billion for the full year, reflecting a year-on-year increase of 21% and 10.8%, respectively [5]. - Adjusted EBITDA for Q4 2025 and the full year reached HKD 27.5 billion and HKD 100 billion, with year-on-year growth of 29% and 10.4% [5]. Financial Projections and Valuation - Revenue projections for MGM China are as follows: - 2025: HKD 34,788 million - 2026E: HKD 35,657 million (+2.31%) - 2027E: HKD 36,727 million (+3.83%) - 2028E: HKD 37,645 million (+3.30%) [4]. - Net profit attributable to the parent company is projected to be: - 2025: HKD 5,075 million - 2026E: HKD 5,242 million (+3.29%) - 2027E: HKD 5,399 million (+3.00%) - 2028E: HKD 5,571 million (+3.19%) [4]. - The expected PE ratio for 2026 is 7.86, and the expected dividend yield is 3.46% [4]. Business Performance - The mid-market gross gaming revenue (GGR) increased by 10.2% to HKD 315.1 billion, driven by strong betting volumes at MGM Cotai and MGM Macau [6]. - VIP GGR rose by 19.5% to HKD 48.4 billion, although there was a decline in VIP customer traffic and betting intentions [6]. - Slot machine revenue saw a slight increase of 3.3% to HKD 23.0 billion, despite a drop in overall win rates [6]. Strategic Initiatives - MGM China is deepening its "Tourism+" strategy to enhance brand loyalty among high-end customers, including the launch of new luxury offerings and entertainment projects [8]. - The company plans to leverage its parent company's global sales platform to accelerate the expansion of international customer sources [8]. Earnings Forecast Adjustments - The EBITDA forecast for 2026 and 2027 has been raised by 8% to HKD 97.3 billion and HKD 101.0 billion, respectively, with an introduction of a new EBITDA forecast for 2028 at HKD 103.5 billion [9].

Group 1 - MGM China (02282) announced a share buyback of 39,200 shares at a cost of HKD 436,900 on March 20, 2026 [2]

Group 1 - MGM China announced a share buyback on March 20, spending HKD 436,900 to repurchase 39,200 shares at a price range of HKD 11.11 to HKD 11.26 per share [1]

Group 1 - MGM China announced a share buyback plan, intending to repurchase 39,200 shares at a cost of HKD 436,900 [1] - The buyback is scheduled to take place on March 20, 2026 [1] - This move reflects the company's strategy to manage its capital and potentially enhance shareholder value [1]

表格類別： 股票 狀態： 新提交 公司名稱： 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) FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02282 | 說明 | 普通股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份 ...

Core Viewpoint - Morgan Stanley reports that MGM China (02282) announced a final dividend of HKD 0.35 per share, with an annual payout ratio of 50%, which translates to a dividend yield of 5.5%. However, the industry average payout ratio has increased to approximately 70%, raising market expectations for MGM [1] Summary by Category Dividend Announcement - MGM China declared a final dividend of HKD 0.35 per share [1] - The annual payout ratio stands at 50%, resulting in a dividend yield of 5.5% [1] Earnings Performance - Despite the dividend announcement meeting expectations, the company's earnings per share were unexpectedly weak, with the final dividend being approximately 10% lower than both Morgan Stanley's and market forecasts [1] Future Outlook - Due to increased licensing fees, MGM China's earnings per share are expected to decline by 11% in the fiscal year 2026, which may lead to a further decrease in the payout ratio unless the company increases its payout ratio or issues a special dividend, though the likelihood of this appears low [1] - Morgan Stanley has downgraded MGM China's rating to "Neutral" [1]

Group 1 - MGM China Holdings Limited (02282) announced a final dividend of HKD 0.353 per share to be distributed on June 3, 2026 [2] - The stock price of MGM China is currently at HKD 11.33, reflecting a decrease of 0.68 or 5.66% [1] - The stock has shown fluctuations with a range between HKD 11.08 and HKD 12.94 over the recent trading period [1] Group 2 - The trading volume for MGM China has reached up to 43,000 shares during the day [1] - The stock has experienced a positive trend in the past month, with increases of 7.74%, 5.16%, and 2.58% noted [1] - The company is actively engaging in shareholder returns through dividend distributions [2]

Group 1 - The core viewpoint of the article highlights the financial performance of MGM China, reporting a revenue increase and profit growth for the fiscal year ending December 31, 2025 [2][3] Group 2 - MGM China's total gaming revenue reached HKD 30.472 billion, reflecting an increase of 11.69% year-on-year [2] - The profit attributable to shareholders was HKD 5.075 billion, marking a year-on-year increase of 10.24% [2] - Basic earnings per share were reported at HKD 1.335, with a proposed final dividend of HKD 0.353 per share [2] Group 3 - The overall gaming market share reached a historical high of 16.1%, up from 15.8% the previous year [3] - The total win amount from main gaming tables increased by 10.2% to HKD 31.51 billion, driven by increased betting amounts at MGM Macau and MGM Cotai [3] - The total win amount from VIP gaming tables rose by 19.5% to HKD 4.8374 billion, primarily due to an increase in VIP win rates [3] - The total win amount from slot machines increased by 3.3% to HKD 2.2963 billion, supported by higher betting amounts despite a decrease in win rates [3]