Ge Long Hui·2026-01-13 05:48Core 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]