瑞银：料美高梅中国物业升级有助今年维持市占率 评级“买入”

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]