智通财经网·2025-12-29 02:50Group 1 - MGM China Holdings (02282) experienced a significant decline of over 10%, trading down 10.85% at HKD 13.89, with a transaction volume of HKD 224 million [1] - On December 23, MGM Resorts International announced a new long-term brand partnership agreement with MGM China, which will see the brand usage fee increase from 1.75% to 3.5% starting in 2026 [1] - The report from Morgan Stanley predicts that the brand usage fee will reach HKD 1.2 billion in 2026, a substantial increase from HKD 600 million in 2025 [1] Group 2 - The forecast indicates that MGM China's EBITDA for 2026 will decline by 7% compared to previous expectations, with a year-on-year decrease of 5% [1] - The EBITDA margin is expected to narrow by 220 basis points, with the brand usage fee accounting for 15.2% of the company's EBITDA [1]