Ge Long Hui·2025-10-30 20:50Core 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].