[Table_Title] 研究报告 Research Report 30 Oct 2025 MGM China MGM China (2282 HK) 25Q3 业绩稳健，市场份额环比略有下滑 25Q3 Performance was Stable with Slight QoQ Decline in Market Share 寇媛媛 Yuanyuan Kou 骆雅丽 Yali Luo yy.kou@htisec.com yl.luo@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件: 美高梅国际酒店集团发布美高梅中国25Q3业绩，公司实现总收益85.1亿港元，同比提升17.4%；经调整EBITDA 达 23.7 亿港元，同比提升 19.6%，对应经调整 EBITDA 利润率为 27.9%，同比提升 0.52 个百分点。截至 25Q3，公司 总收益达 251.7 亿港元，同比提升 7.3%；经调整 EBITDA 达 72.5 亿港元，同比提升 ...

Revenue Performance - In Q2 2025, MGM China achieved total revenue of HKD 8.67 billion, an increase of 8.9% year-on-year (YoY) and 8.4% quarter-on-quarter (QoQ) [1][10] - The gaming and non-gaming segments contributed HKD 7.63 billion and HKD 1.04 billion respectively, with YoY changes of +9.5% and +4.5% [2][10] - The revenue from MGM Cotai increased by 12.4% YoY, reaching HKD 5.28 billion, while MGM Macau's revenue grew by 2.8% YoY to HKD 3.38 billion [2][10] Gaming Metrics - The company's gross gaming revenue (GGR) reached HKD 9.83 billion in Q2 2025, up 11.8% YoY, surpassing the industry growth rate of 8.3% [3][12] - VIP gaming revenue saw a significant increase of 46.9% YoY, contributing HKD 1.29 billion to the GGR [3][12] - Total betting amount reached HKD 86.19 billion, reflecting a 12.5% YoY increase, with VIP betting accounting for 44.2% of the total [2][11] EBITDA and Profitability - Adjusted EBITDA for Q2 2025 was HKD 2.51 billion, a 2.8% YoY increase, with an adjusted EBITDA margin of 29.0%, down 1.72 percentage points YoY [4][13] - The adjusted EBITDA for MGM Macau and MGM Cotai was HKD 0.98 billion and HKD 1.54 billion respectively, with margins of 28.8% and 29.0% [4][13] Market Share and Future Outlook - MGM China's market share increased to 16.6% in Q2 2025, up from 15.7% in Q1 2025 [5][14] - The company plans to enhance its offerings with the launch of 28 new high-end villas and the Alpha Club targeting ultra-high-end customers [6][15] Risks - Potential risks include lower-than-expected macroeconomic growth, stricter gaming regulations in Macau, and increased competition in overseas gaming markets [7][16]