智通财经APP讯，美高梅中国(02282)发布公告，该公司的股份(证券代号：02282)和债券(证券代号： 05036, 06028及40634)将于今天(5/2/2026)上午九时正起短暂停止买卖。因此，与该公司有关的所有结构 性产品亦将同时短暂停止买卖。 ...

格隆汇2月5日丨美高梅中国(02282.HK)发布公告，该公司的股份和债券(证券代号：05036, 06028及 40634)将于今天(5/2/2026)上午九时正起短暂停止买卖。因此，与该公司有关的所有结构性产品亦将同 时短暂停止买卖。 ...

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: 2026年1月31日 狀態: 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) 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 | | 10,000,000,000 | 本月底法定/註冊股本總額 ...

Group 1 - The gaming stocks are rising in the morning session despite market trends, with Sands China (01928) up by 4.52% to HKD 17.80 [1][3] - MGM China (02282) increased by 1.68% to HKD 12.71 [1][3] - Galaxy Entertainment (00027) saw a rise of 1.01% to HKD 40.20 [1][3] - Melco International Development (00200) experienced a slight increase of 0.24% to HKD 4.24 [1][3]

Core Viewpoint - Goldman Sachs reports that several Macau gaming stocks are set to announce their Q4 2025 earnings, with investors expected to focus on profit trends amid concerns over additional spending for the November National Games and intense competition [1] Industry Summary - The firm anticipates that industry EBITDA will increase by 4% quarter-on-quarter and 13% year-on-year during this period, compared to total gaming revenue growth of 6% quarter-on-quarter and 14% year-on-year [1] - This growth is attributed to rising operating expenses and a shift in gaming revenue towards the lower-margin VIP segment [1] - Looking ahead to 2026, the overall gaming revenue is expected to rise by 8% year-on-year, with EBITDA increasing by 10%, bringing industry EBITDA and recurring free cash flow to $9.1 billion and $6.4 billion, respectively, nearing pre-COVID levels [1] Company Ratings - The firm believes that the current industry valuations remain attractive and reiterates "buy" ratings for SJM Holdings, MGM China, and Sands China [1]

Group 1 - UBS reports that MGM China (02282) management participated in the 2026 UBS Greater China Conference (GCC) and expects the industry’s average daily gross gaming revenue (GGR) to grow in the mid-single digits by 2026, driven by strong demand in the high-end market [1] - UBS sets a 12-month target price of HKD 18.5 for MGM China and maintains a "Buy" rating [1] - MGM China plans property upgrades, including converting 160 rooms into 60 suites in Cotai, and launching a new high-end mid-market area in the first half of 2026, increasing the total number of suites from 290 to 350 [1] Group 2 - The company expects its market share to remain between 15% and 17% this year, with an EBITDA margin projected to stay in the mid-20% range [1] - Operating expenses (opex) are anticipated to align with revenue growth [1] - Recent organizational changes have streamlined the management structure, which will help accelerate decision-making processes in the future [1] - The company is also considering increasing the dividend payout ratio to offset the impact on earnings per share [1]

Core Viewpoint - UBS reports that MGM China (02282) expects a mid-single-digit growth in daily gross gaming revenue (GGR) by 2026, driven by strong performance in the high-end market [1] Group 1: Company Outlook - MGM China plans to upgrade its properties, including converting 160 rooms into 60 suites in Cotai, and launching a new high-end mid-market area in the first half of 2026 [1] - After the upgrades, the total number of suites will increase from 290 to 350 [1] - The company anticipates maintaining a market share of 15% to 17% this year [1] Group 2: Financial Projections - MGM China expects its EBITDA profit margin to remain at a high level in the mid-20% range [1] - Operating expenses (opex) are projected to grow in line with revenue [1] - The management is considering increasing the dividend payout ratio to offset the impact on earnings per share [1]

Core Viewpoint - UBS reports that MGM China management expects the average daily gross gaming revenue (GGR) in the industry to grow in the mid-single digits by 2026, driven by strong demand in the high-end market [1] Company Summary - MGM China plans to upgrade its properties, including converting 160 rooms into 60 suites in Cotai, and launching a new high-end mid-market area in the first half of 2026 [1] - After the upgrades, the total number of suites will increase from 290 to 350 [1] - The company anticipates maintaining a market share of 15% to 17% this year [1] - EBITDA margin for the properties is expected to remain in the mid-20% range [1] - Operating expenses (opex) are likely to align with revenue growth [1] - Recent organizational changes have streamlined the management structure, which will help accelerate decision-making processes in the future [1] - The company is also considering increasing the dividend payout ratio to offset the impact on earnings per share [1] Industry Summary - The gaming industry is projected to see a mid-single-digit growth in average daily GGR by 2026, supported by strong performance in the high-end market [1]

Core Viewpoint - MGM China Holdings Limited (02282) experienced a rebound of nearly 5%, with a current price of HKD 12.82 and a trading volume of HKD 110 million following the announcement of a new long-term brand cooperation agreement with MGM International Hotel Group [1] Group 1: Brand Cooperation Agreement - Starting from 2026, MGM China will increase the brand usage fee paid to its parent company from 1.75% to 3.5% [1] - Morgan Stanley projects that the brand usage fee will reach HKD 1.2 billion in 2026, a significant increase from HKD 600 million in 2025 [1] Group 2: Financial Impact - Goldman Sachs estimates that the additional royalty fees paid to the parent company will impact EBITDA by approximately 6% to 7% [1] - The earnings forecast for MGM China is expected to be downgraded by about 13% to 14% due to the increased fees [1] - If the company maintains a dividend payout ratio of around 50%, this may lead to a reduction in the dividend per share [1] Group 3: Stock Price Reaction - Following the announcement regarding the royalty fees, MGM China's stock price fell by approximately 19% [1] - Goldman Sachs believes that the recent stock price adjustment appears to be somewhat excessive [1]

Group 1 - MGM China (02282) rebounded nearly 5%, trading at HKD 12.82 with a transaction volume of HKD 110 million [1] - A new long-term brand cooperation agreement was reached between MGM International and MGM China, with brand usage fees increasing from 1.75% to 3.5% starting in 2026 [1] - Morgan Stanley estimates that the brand usage fee will reach HKD 1.2 billion in 2026, a significant increase from HKD 600 million in 2025 [1] Group 2 - Goldman Sachs predicts that the additional royalty fees will impact EBITDA by approximately 6% to 7%, leading to a downward revision of profit forecasts by about 13% to 14% [1] - Following the announcement of the royalty fee increase, MGM China's stock price fell by approximately 19%, but Goldman Sachs believes the recent stock price adjustment appears excessive [1]