[Performance Highlights](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) [Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) H1 2025 operating revenue reached a record HKD 16.66 billion (+2.7%), but profit attributable to owners decreased 11.3% to HKD 2.38 billion due to rising costs and exchange losses Financial Summary for the Six Months Ended June 30, 2025 | Metric | H1 2025 (HKD Thousands) | H1 2024 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 16,660,956 | 16,217,982 | +2.7% | | **Adjusted EBITDA** | 4,879,212 | 4,948,002 | -1.4% | | **Operating Profit** | 3,383,020 | 3,522,333 | -4.0% | | **Profit Attributable to Owners of the Company for the Period** | 2,383,261 | 2,685,454 | -11.3% | | **Basic Earnings Per Share** | 62.8 HK cents | 70.6 HK cents | -11.0% | [Operational Highlights](index=3&type=section&id=%E7%87%9F%E9%81%8B%E6%91%98%E8%A6%81) The Group's H1 2025 gaming market share was 16.2%, with mass table GGR up 2.1% and VIP table GGR up 2.7% due to higher win rates, despite a slight 0.9% drop in slot GGR - For the six months ended June 30, 2025, the Group's overall gaming market share was **16.2%**, slightly lower than **16.5%** in the prior year but higher than **15.8%** for the full year 2024[5](index=5&type=chunk) - Mass table gross gaming revenue increased by **2.1%** year-on-year to **HKD 15.07 billion**, primarily driven by a **2.6%** increase in wagering volume at MGM Cotai[5](index=5&type=chunk) - VIP table gross gaming revenue increased by **2.7%** year-on-year to **HKD 2.44 billion**, mainly due to a higher win rate offsetting the decline in rolling chip turnover[5](index=5&type=chunk) - Slot machine gross gaming revenue slightly decreased by **0.9%** year-on-year to **HKD 1.09 billion**, as a lower win rate was partially offset by increased wagering volume[5](index=5&type=chunk) [Interim Dividend](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board declared an interim dividend of HKD 0.313 per share, totaling HKD 1.1894 billion, representing 49.9% of H1 profit, while maintaining sufficient resources 2025 Interim Dividend Details | Item | Amount/Date | | :--- | :--- | | Interim Dividend | HKD 0.313 per share | | Total Dividend Amount | Approximately HKD 1.1894 billion | | Payout Ratio | Approximately 49.9% of Profit Attributable | | Book Closure Date | August 22, 2025 | | Estimated Payment Date | On or about September 3, 2025 | [Management Discussion and Analysis](index=22&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Overview](index=22&type=section&id=%E6%A5%AD%E5%8B%99%E6%A6%82%E8%A6%BD) MGM China operates two integrated resorts in Macau, holding a gaming concession until 2032, leveraging global brand strength and local expertise - The Group is one of Macau's six licensed gaming operators, managing two integrated resorts: MGM Macau and MGM Cotai[51](index=51&type=chunk) - The controlling shareholder is MGM Resorts International (**55.95%** stake), with Ms. Pansy Ho as a major shareholder (**22.49%** stake)[51](index=51&type=chunk) - Under the gaming concession contract, MGM Grand Paradise is authorized to operate a total of **750 gaming tables** and **1,700 slot machines** until December 31, 2032[52](index=52&type=chunk) [MGM Macau](index=23&type=section&id=%E6%BE%B3%E9%96%80%E7%BE%8E%E9%AB%98%E6%A2%85) MGM Macau, opened in 2007, features 335 gaming tables, 985 slot machines, and 585 hotel rooms, with "The Box" added in H1 2025 MGM Macau Facilities Overview (As of June 30, 2025) | Facility | Quantity/Area | | :--- | :--- | | Casino Floor Area | Approximately 23,283 square meters | | Gaming Tables | 335 | | Slot Machines | 985 | | Hotel Rooms | 585 | [MGM Cotai](index=23&type=section&id=%E7%BE%8E%E7%8D%85%E7%BE%8E%E9%AB%98%E6%A2%85) MGM Cotai, opened in 2018, features 415 gaming tables, 989 slot machines, and 1,418 hotel rooms, highlighted by the Spectacle and dynamic theater MGM Cotai Facilities Overview (As of June 30, 2025) | Facility | Quantity/Area | | :--- | :--- | | Casino Floor Area | Approximately 24,549 square meters | | Gaming Tables | 415 | | Slot Machines | 989 | | Hotel Rooms | 1,418 | [Competitive Strengths and Operating Strategies](index=24&type=section&id=%E6%88%91%E5%80%91%E7%9A%84%E7%AB%B6%E7%88%AD%E5%84%AA%E5%8B%A2%E5%8F%8A%E7%B6%93%E7%87%9F%E7%AD%96%E7%95%A5) The Group's strengths include a world-class brand and unique market position, with strategies focused on enhancing customer experience and investing in non-gaming offerings - The Group's competitive advantages include a widely recognized brand, unique market positioning, innovative "tourism+" products, strong leadership, and a supportive shareholder network[57](index=57&type=chunk) - Operating strategies align with the Macau government's goals, committing to invest **MOP 19.7 billion** during the concession period, with approximately **91% (MOP 18 billion)** allocated to expanding international visitor markets and non-gaming projects[58](index=58&type=chunk) - Since 2023, the Group has expanded its overseas sales network and leveraged MGM Resorts International's network to further develop international markets, while enriching its non-gaming product portfolio through facility upgrades and new offerings like the MGM Art Space and "MGM 2049" resident show[59](index=59&type=chunk) [Key Factors Affecting Operating Results and Financial Position](index=26&type=section&id=%E5%BD%B1%E9%9F%BF%E6%88%91%E5%80%91%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E7%9A%84%E5%9B%A0%E7%B4%A0) Group performance is influenced by Macau's gaming and tourism market, benefiting from infrastructure and policy, but facing risks from economic slowdowns and regulatory changes - Macau's tourism industry shows a growth trend, with total visitor arrivals increasing by **14.9%** year-on-year and gross gaming revenue growing by **4.4%** year-on-year in the first half of 2025[61](index=61&type=chunk) - Long-term growth drivers include continuous investments by gaming concessionaires, improved infrastructure in the Greater Bay Area, favorable policies from the Chinese government, and increasing outbound tourism demand from mainland China[62](index=62&type=chunk)[65](index=65&type=chunk) - Risks to performance include China's economic slowdown, changes in gaming regulations, visa and currency control policies, and competition from other integrated resorts regionally and globally[63](index=63&type=chunk)[64](index=64&type=chunk) [Financial Performance Analysis](index=33&type=section&id=%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE%E5%88%86%E6%9E%90) H1 2025 operating revenue increased 2.7% to HKD 16.66 billion, driven by casino growth, but profit attributable to owners declined 11.3% to HKD 2.38 billion due to rising expenses and exchange losses [Operating Revenue](index=33&type=section&id=%E7%B6%93%E7%87%9F%E6%94%B6%E7%9B%8A) Operating revenue grew 2.7% to HKD 16.66 billion, with casino revenue up 3.1% driven by mass market, and MGM Cotai's growth offsetting MGM Macau's slight decline Operating Revenue by Segment (For the Six Months Ended June 30) | Segment | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | **MGM Macau** | 6,535,458 | 6,755,319 | -3.3% | | Casino Revenue | 5,716,030 | 5,970,852 | -4.3% | | Other Revenue | 819,428 | 784,467 | +4.5% | | **MGM Cotai** | 10,125,498 | 9,462,663 | +7.0% | | Casino Revenue | 8,880,649 | 8,191,381 | +8.4% | | Other Revenue | 1,244,849 | 1,271,282 | -2.1% | | **Total** | **16,660,956** | **16,217,982** | **+2.7%** | - Mass table gross gaming revenue increased by **2.1%** year-on-year, primarily due to increased wagering volume and a higher win rate at MGM Cotai[85](index=85&type=chunk) - VIP table gross gaming revenue increased by **2.7%** year-on-year, as a higher win rate offset significant declines in rolling chip turnover (**-43.2%** at MGM Macau and **-23.0%** at MGM Cotai)[86](index=86&type=chunk) [Operating Costs and Expenses](index=37&type=section&id=%E7%B6%93%E7%87%9F%E6%88%90%E6%9C%AC%E5%8F%8A%E9%96%8B%E6%94%AF) Total operating costs increased 4.6%, driven by higher gaming taxes, an 8.8% rise in staff costs, a 113.4% surge in trade receivables impairment, and a 9.4% increase in depreciation Key Operating Costs and Expenses (For the Six Months Ended June 30) | Item | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Gaming Taxes and Levies | 7,396,466 | 7,242,106 | +2.1% | | Staff Costs | 2,480,319 | 2,279,459 | +8.8% | | Net Impairment Losses on Trade Receivables | 67,953 | 31,849 | +113.4% | | Other Expenses and Losses | 1,696,912 | 1,681,712 | +0.9% | | Depreciation and Amortization | 1,007,845 | 921,369 | +9.4% | [Finance Costs and Net Profit](index=39&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC%E8%88%87%E6%B7%A8%E5%88%A9%E6%BD%A4) Total finance costs decreased 5.4% to HKD 793 million, but a significant net exchange loss of HKD 207 million on USD senior notes contributed to an 11.3% decline in profit attributable to owners - Total finance costs decreased from **HKD 839 million** to **HKD 793 million**, primarily due to reduced interest expenses on unsecured credit facilities and the cancellation of MGM Resorts International's revolving credit facility[98](index=98&type=chunk)[99](index=99&type=chunk) - Net exchange losses surged from **HKD 7 million** in the prior period to **HKD 207 million**, mainly due to losses on USD-denominated senior notes amidst Hong Kong dollar depreciation[98](index=98&type=chunk) - The combined effect resulted in a **11.3%** decrease in profit attributable to owners of the Company, from **HKD 2.686 billion** to **HKD 2.383 billion**[101](index=101&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=%E6%B5%81%E5%8B%95%E6%80%A7%E8%88%87%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) [Capital Structure and Cash Flow](index=40&type=section&id=%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B%E8%88%87%E7%8F%BE%E9%87%91%E6%B5%81) As of June 30, 2025, the Group held HKD 5.52 billion cash and HKD 17 billion undrawn credit, with capital gearing at 88.7%; operating cash flow was HKD 4.46 billion Capital Gearing Ratio | Item (HKD Thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Debt | 15,432,375 | 16,924,499 | | Total Equity | 1,966,593 | 527,527 | | **Capital Gearing Ratio** | **88.7%** | **97.0%** | Cash Flow Summary (For the Six Months Ended June 30) | Item (HKD Thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 4,464,779 | 4,256,843 | | Net Cash Used in Investing Activities | (882,133) | (564,517) | | Net Cash Used in Financing Activities | (3,382,697) | (2,707,385) | | **Cash and Cash Equivalents at End of Period** | **5,518,326** | **5,214,454** | [Debt Overview](index=45&type=section&id=%E5%82%B5%E5%8B%99%E6%A6%82%E8%A6%BD) As of June 30, 2025, total borrowings were HKD 21.63 billion; the Group repaid USD 500 million senior notes and refinanced with a new HKD 23.4 billion revolving credit facility [Unsecured Senior Notes](index=45&type=section&id=%E7%84%A1%E6%8A%B5%E6%8A%BC%E5%84%AA%E5%85%88%E7%A5%A8%E6%93%9A) The Group has three outstanding unsecured senior notes maturing in 2026, 2027, and 2031, having repaid USD 500 million notes due June 2025, with special redemption clauses - On June 18, 2025, the **USD 500 million** aggregate principal amount of senior notes due 2025 was fully repaid[31](index=31&type=chunk)[55](index=55&type=chunk)[116](index=116&type=chunk) - On June 26, 2024, **USD 500 million** aggregate principal amount of **7.125%** senior notes due 2031 was issued[32](index=32&type=chunk)[117](index=117&type=chunk) - The notes include special put option provisions in the event of a change of control or a material adverse change to the gaming concession[34](index=34&type=chunk)[35](index=35&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk) [2025 Revolving Credit Facility](index=48&type=section&id=2025%E5%B9%B4%E5%BE%AA%E7%92%B0%E4%BF%A1%E8%B2%B8%E8%9E%8D%E9%80%9A) In April 2025, a new HKD 23.4 billion revolving credit facility was secured, maturing in 2030, which is unsecured and includes financial covenants - On April 15, 2025, a new **HKD 23.4 billion** revolving credit facility was entered into, maturing on April 15, 2030, replacing the previous credit arrangements[37](index=37&type=chunk)[56](index=56&type=chunk)[122](index=122&type=chunk) - The facility includes financial covenants: a leverage ratio not exceeding **4.5:1** and an interest coverage ratio of not less than **2.5:1**; as of the period-end, the Group has complied with all covenants[40](index=40&type=chunk)[41](index=41&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) [Market Risk Management](index=50&type=section&id=%E5%B8%82%E5%A0%B4%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group faces foreign currency and interest rate risks, managing USD-denominated notes and floating-rate credit facilities through a balanced portfolio, with no hedging undertaken - Foreign currency risk primarily arises from **USD 2 billion** of outstanding senior notes; while exchange rate fluctuations are generally not expected to be significant due to the HKD-USD peg, the depreciation of the Hong Kong dollar during the period still resulted in substantial exchange losses[133](index=133&type=chunk) - Interest rate risk stems from floating-rate borrowings under the 2025 revolving credit facility, which the Group manages through a combination of fixed-rate notes and floating-rate credit facilities[134](index=134&type=chunk) [Capital Commitments and Guarantees](index=44&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94%E8%88%87%E6%93%94%E4%BF%9D) As of June 30, 2025, the Group had HKD 611.4 million in contracted but unprovided capital commitments and HKD 978.7 million in outstanding bank guarantees Capital Commitments and Guarantees | Item | Amount (HKD) | | :--- | :--- | | Capital Commitments (Contracted but not provided for) | 611.4 million | | Outstanding Bank Guarantees | 978.7 million | [Other Significant Matters](index=52&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A0%85) [Employees and Remuneration Policy](index=52&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group employed 13,556 staff, with a market-based remuneration system including performance-based incentives - As of June 30, 2025, the Group employed a total of **13,556** full-time and part-time employees across Macau, Hong Kong, and Zhuhai[137](index=137&type=chunk) [Purchases, Sales or Redemptions of the Company's Listed Securities](index=53&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) In H1 2025, the Company repurchased 2,002,150 shares for HKD 22.3 million to offset new shares from share option exercises and maintain issued capital H1 2025 Share Repurchase Details | Month of Repurchase | Total Shares Repurchased | Total Consideration Paid (HKD Thousands) | | :--- | :--- | :--- | | March 2025 | 374,700 | 4,208 | | June 2025 | 1,627,450 | 18,055 | | **Total** | **2,002,150** | **22,263** | [Corporate Governance Practices](index=54&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The Company complied with Listing Rules' Corporate Governance Code, and interim financial statements were reviewed by the Audit Committee and Deloitte - The Company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules during the reporting period[143](index=143&type=chunk) - The unaudited condensed consolidated financial statements have been reviewed by the Company's Audit Committee and auditor Deloitte[145](index=145&type=chunk) [Condensed Consolidated Financial Statements](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8) Operating revenue for the period was HKD 16.66 billion, with operating profit at HKD 3.38 billion, leading to HKD 2.38 billion profit attributable to owners Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Item (HKD Thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Operating Revenue | 16,660,956 | 16,217,982 | | Operating Profit | 3,383,020 | 3,522,333 | | Profit Before Tax | 2,415,234 | 2,716,848 | | **Profit Attributable to Owners of the Company for the Period** | **2,383,261** | **2,685,454** | [Consolidated Statement of Financial Position](index=5&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets were HKD 30.86 billion, total liabilities HKD 28.90 billion, and total equity rose to HKD 1.97 billion, with a net current liability of HKD 4.54 billion Asset Position (As of June 30, 2025) | Item (HKD Thousands) | Amount | | :--- | :--- | | Total Non-current Assets | 23,886,560 | | Total Current Assets | 6,976,684 | | **Total Assets** | **30,863,244** | Equity and Liability Position (As of June 30, 2025) | Item (HKD Thousands) | Amount | | :--- | :--- | | **Total Equity** | **1,966,593** | | Total Non-current Liabilities | 17,383,257 | | Total Current Liabilities | 11,513,394 | | **Total Liabilities** | **28,896,651** | [Summary of Notes to Financial Statements](index=7&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB%E6%91%98%E8%A6%81) Financial statements are historical cost-based; despite net current liabilities, management expects to meet obligations given cash, undrawn credit, and expected cash flows, with notes detailing key financial information - Despite a net current liability of **HKD 4.5367 billion**, the Group believes it can meet its financial obligations for the next 12 months, considering its cash position (**HKD 5.5183 billion**), available credit facilities (**approximately HKD 17 billion**), and projected operating cash flows[11](index=11&type=chunk) - The Group's two properties (MGM Macau and MGM Cotai) have been aggregated into one reportable segment due to similar economic characteristics, customers, products, and regulatory environments, with Adjusted EBITDA used as the primary measure of segment profit[13](index=13&type=chunk) - MGM Grand Paradise has committed to invest **MOP 19.7 billion** over the 10-year concession period, with **MOP 18 billion** allocated to non-gaming projects[23](index=23&type=chunk)

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 重新提交 致：香港交易及結算所有限公司 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) 呈交日期: 2025年8月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02282 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,0 ...

Core Viewpoint - Morgan Stanley reports that Macau's gaming revenue has exceeded expectations for two consecutive months, with a year-on-year growth of 19%, prompting an upward revision of the annual growth forecast for gaming revenue from 5% to 10% and EBITDA growth from 2% to 6% [1] Group 1: Industry Performance - The significant positive operating leverage, reduced competition, and improved profit estimates are highlighted as key factors contributing to the industry's strong performance [1] - Despite the recent strong performance, the industry is still considered undervalued if growth can be sustained [1] Group 2: Future Projections - Macau's gaming revenue forecasts for 2025, 2026, and 2027 are projected at MOP 248.963 billion, MOP 263.9 billion, and MOP 279.7 billion, representing year-on-year increases of 9.8%, 6%, and 6% respectively [1] Group 3: Company Target Price Adjustments - Morgan Stanley has raised the target prices for all six companies under coverage, maintaining a positive outlook on Melco Resorts, MGM China, and Sands China, all rated as "Overweight" [1] - Specific target price adjustments include MGM China from HKD 14.5 to HKD 18, Sands China from HKD 17.5 to HKD 21, and Silver Heritage from HKD 35 to HKD 40, maintaining a "Market Perform" rating [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 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) 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02282 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,00 ...

机构：申万宏源研究 研究员：贾梦迪 MGM China reported 2Q25 net revenue of HK$8.7bn (+9% YoY, +8% QoQ) and adjusted Ebitda of HK$2.5bn (+3% YoY, +6% QoQ), setting a new single-quarter record, which was 72% higher than that in 2019. The results exceeded expectations, mainly due to the better-than-expected increase in market share. We raise 2025E EPS forecast from HK$1.19 to HK$1.25, 2026E forecast from HK$1.28 to HK$1.38, and introduce 2027E forecast of HK$1.43. We raise target price from HK$15.5 to HK$19, with 22% upside pot ...

Core Viewpoint - MGM China reported better-than-expected performance for Q2 2025, with net revenue of HKD 8.667 billion, a year-on-year increase of 9% and a quarter-on-quarter increase of 8%, recovering to 157% of Q2 2019 levels [1] Financial Performance - Adjusted EBITDA for Q2 2025 was HKD 2.511 billion, up 3% year-on-year and 6% quarter-on-quarter, recovering to 172% of Q2 2019 levels, exceeding Bloomberg consensus estimate of HKD 2.387 billion [1] - Total gaming revenue market share increased to 16.5% in Q2 2025, up from 15.6% in Q1 2025 [1] Business Development Trends - Management observed strong performance across all business segments in July 2025, with expectations for continued strong performance during the summer [1] - The strong market share in July 2025 was attributed to the soft opening of the Alpha Villas targeting ultra-high-end customers, with a full opening expected before the Golden Week in October 2025 [1] - The company aims to maintain its current market share while focusing on product updates and strong performance in high-end mass market operations [1] Market Share and Visitor Trends - Total gaming revenue market share reached 16.6% in Q2 2025, with monthly growth in market share throughout the quarter, peaking at approximately 17% in June 2025, driven by visitor volume and high-end customer engagement [1] - All 28 villa rooms at MGM Macau opened in Q2 2025, and the company plans to maintain a dividend policy with a payout ratio of 50% [1] Earnings Forecast and Valuation - Adjusted EBITDA forecasts for 2025 and 2026 have been raised by 3% to HKD 9.888 billion and HKD 10.271 billion, respectively, due to the opening of villa products [2] - The current stock price corresponds to 7 times the 2025 EV/EBITDA, with an 18% target price increase to HKD 19.80, reflecting a 27% upside potential based on a 9 times 2025 EV/EBITDA valuation [2]

Core Viewpoint - Macquarie has raised its adjusted EBITDA forecasts for MGM China for the years 2025 to 2027, with slight adjustments to the target price and maintaining an "outperform" rating [1] Financial Performance - MGM China's gaming revenue increased by 12% year-on-year and quarter-on-quarter, exceeding Macquarie's expectations by 2% [1] - Total revenue rose by 9% year-on-year and 8% quarter-on-quarter, aligning with Macquarie's forecasts [1] - Adjusted EBITDA reached a record high of HKD 2.51 billion, surpassing Macquarie's expectations by 3% [1] Market Share - The company's market share grew by 0.6 percentage points year-on-year to 16.6%, the highest among six operators, indicating consistent growth [1] - Management expresses confidence in maintaining market share at a mid-double-digit level [1]

智通财经APP获悉，麦格理发布研报称，上调美高梅中国(02282)2025至27年各年经调整EBITDA预测分 别升2.2%、降0.5%及升0.4%，将公司目标价由22.2港元略微下调至22.1港元，评级为"跑赢大市"。 报告称，美高梅中国次季博彩收入同比及按季计各升12%，超出该行预期2%; 总收入同比升9%，按季 增8%，符合该行预期; 经调整EBITDA创新高，达25.1亿港元，胜于该行预期3%。此外，期内公司的市 场份额同比增长0.6个百分点至16.6%，为六间营运商中最高的连续增长，管理层对其市场份额能够保持 在中双位数水平充满信心。 ...

麦格理发布研究报告指出，美高梅中国第二季度赌收按年及按季均增长12%，超出预期2%；总收入按 年升9%、按季增8%，符合预期；经调整EBITDA创新高至25.1亿港元。期内公司市场份额按年增长0.6 个百分点至16.6%，管理层对其维持中双位数市场份额有信心。麦格理上调美高梅中国2025至2027年经 调整EBITDA预测，并微降目标价至22.1港元，维持"跑赢大市"评级。 ...

Core Viewpoint - Macquarie's research report indicates that MGM China’s Q2 gaming revenue increased by 12% year-on-year and quarter-on-quarter, exceeding the firm's expectations by 2% [1] - Total revenue rose by 9% year-on-year and 8% quarter-on-quarter, aligning with the firm's forecasts [1] - Adjusted EBITDA reached a record high of HKD 2.51 billion, surpassing the firm's expectations by 3% [1] Revenue and Market Share - The company's market share grew by 0.6 percentage points year-on-year to 16.6%, the highest among six operators, with management confident in maintaining a mid-double-digit market share [1] - The firm has adjusted its EBITDA forecasts for MGM China for the years 2025 to 2027, with increases of 2.2% for 2025, a decrease of 0.5% for 2026, and an increase of 0.4% for 2027 [1] Target Price and Rating - The target price for MGM China has been slightly reduced from HKD 22.2 to HKD 22.1, while maintaining an "Outperform" rating [1]