Revenue Performance - MGM China reported total revenue of HKD 9.62 billion in 25Q4, a year-on-year increase of 21.4%[1] - For the full year 2025, total revenue reached HKD 34.79 billion, up 10.8% year-on-year[1] EBITDA Growth - Adjusted EBITDA for 25Q4 was HKD 2.75 billion, reflecting a year-on-year increase of 29.5%[1] - The adjusted EBITDA margin improved to 28.6%, up 1.78 percentage points year-on-year[1] Gaming and Non-Gaming Contributions - Gaming revenue contributed HKD 8.46 billion, a 23.0% increase year-on-year, while non-gaming revenue was HKD 1.15 billion, up 10.9%[2] - By property, MGM Macau and MGM Cotai generated revenues of HKD 3.48 billion (+4.1% YoY) and HKD 6.14 billion (+34.1% YoY) respectively[2] Betting Trends - Total betting amount reached HKD 80.16 billion, a 9.9% increase year-on-year[3] - VIP betting increased by 5.7% to HKD 30.64 billion, while mass market betting rose by 13.2% to HKD 31.52 billion[3] Market Share and Customer Insights - MGM China's market share reached 16.5% in 25Q4, up 1.0 percentage points from 15.5% in 25Q3[5] - Management anticipates strong demand during the upcoming Chinese New Year, with robust hotel booking trends observed[6]
25Q4净赢率偏高带动EBITDA大幅增长
Haitong Securities International·2026-02-06 09:31