Xin Lang Cai Jing·2026-02-09 08:56Core Viewpoint - Macquarie's report indicates that MGM China (02282.HK) exceeded expectations for Q4 2025, with net revenue increasing by 21% year-on-year and 13% quarter-on-quarter to HKD 9.62 billion, surpassing the firm's forecast by 6% [1] Financial Performance - Total gaming revenue reached HKD 10.5 billion, reflecting a 21% year-on-year increase and an 11% quarter-on-quarter increase, exceeding predictions by 3.1% [1] - VIP gaming revenue grew by 40% year-on-year, while mass market revenue increased by 20%, demonstrating strong growth in both segments [1] - Adjusted EBITDA reached HKD 2.75 billion, marking a new quarterly high with a 29% year-on-year increase and a 16% quarter-on-quarter increase, exceeding market expectations by 11% [1] Future Projections - Macquarie has raised its adjusted EBITDA forecasts for MGM China for 2025 to 2027 by 3.1%, 1%, and 0.7% respectively [1] - The target price has been slightly increased by 1% from HKD 21.3 to HKD 21.6, maintaining an "Outperform" rating [1] Strategic Initiatives - The company plans to upgrade hotel rooms this year, which is expected to enhance its appeal in the high-end market and increase market share [1]