香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示不會就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 MGM CHINA HOLDINGS LIMITED 美 高 梅 中 國 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2282及債務股份代號：6028, 40634, 5036） 內幕消息 我們的控股股東美高梅國際酒店集團 截至2025年9月30日止第三季度的未經審核業績 本公告乃根據證券及期貨條例（第571章）第XIVA部內幕消息條文及香港聯合交易所 有限公司證券上市規則第13.09及37.47B條刊發。 我們的控股股東美高梅國際酒店集團已於2025年10月29日（紐約時間下午4時15分） 或前後公佈其截至2025年9月30日止第三季度的未經審核業績，其中包括根據美國公 認會計原則編製及呈列的美高梅中國控股有限公司財務資料。 本公告乃美高梅中國控股有限公司（「美高梅中國」或「本公司」）根據證券及期貨條例（第 571章）第XIVA部內幕消息條文及香港 ...

Core Viewpoint - Morgan Stanley's report indicates that Macau's gaming revenue for the first 26 days of October reached 20.4 billion MOP, with an average daily revenue of 785 million MOP, reflecting pent-up demand during the Golden Week due to previous disruptions from a typhoon and the Mid-Autumn Festival [1] Group 1: Industry Insights - The report suggests a significant upward trend in gaming revenue, with total revenue for October potentially reaching 23 billion MOP, marking a 71-month high [1] - Starting from December, due to a low base, the firm anticipates double-digit growth in gaming revenue, maintaining low double-digit increases into the first quarter of next year [1] Group 2: Company Ratings - The company is optimistic about Wynn Macau (01128), assigning an "Overweight" rating, expecting its Q3 performance to exceed expectations [1] - For the medium term, Galaxy Entertainment (00027) is also viewed positively, receiving an "Overweight" rating [1] - The company holds a negative outlook on SJM Holdings (00880) and Melco International (00200), assigning "Neutral" and "Underweight" ratings respectively, citing high valuations relative to fundamentals and limited shareholder returns over the next 12 months [1]

Core Viewpoint - Morgan Stanley reports that Macau's gaming revenue for the first 26 days of October reached 20.4 billion MOP, indicating a potential upward trend in gaming revenue due to pent-up demand from the Golden Week holiday [1] Industry Summary - The average daily gaming revenue for October is 785 million MOP, with last week's revenue accelerating to 793 million MOP, reflecting increased activity post-typhoon and mid-autumn festival [1] - The total gaming revenue for October could reach 23 billion MOP, potentially marking a 71-month high [1] - Starting from December, a low base is expected to drive double-digit growth in gaming revenue, continuing into the first quarter of next year with low double-digit increases [1] Company Summary - Wynn Macau (01128) is viewed positively in the short term, with an "Overweight" rating and expectations for third-quarter performance to exceed forecasts [1] - Galaxy Entertainment (00027) is also favored in the medium term, receiving an "Overweight" rating [1] - The outlook for SJM Holdings (00880) and Melco International (00200) is less favorable, with "Neutral" and "Underweight" ratings respectively, as their valuations are considered high relative to fundamentals, and shareholder returns over the next 12 months are expected to be limited [1]

Core Viewpoint - Morgan Stanley's research report indicates a significant potential upward trend in Macau's gaming revenue, with October's total revenue possibly reaching 23 billion MOP, marking a 71-month high [1] Group 1: Gaming Revenue Insights - As of October 26, Macau's gaming revenue reached 20.4 billion MOP, with an average daily revenue of 785 million MOP, showing an acceleration to 793 million MOP in the previous week [1] - The report suggests that the increased revenue may reflect pent-up demand during the Golden Week, as many players shortened their trips due to the typhoon and Mid-Autumn Festival [1] - Morgan Stanley forecasts that starting from December, gaming revenue is expected to record double-digit growth, maintaining low double-digit increases in the first quarter of next year [1] Group 2: Company Ratings - Morgan Stanley has a positive short-term outlook on Wynn Macau, assigning an "Overweight" rating, anticipating that its third-quarter performance may exceed expectations [1] - The firm also maintains an "Overweight" rating on Galaxy Entertainment, indicating a favorable mid-term outlook [1] - Conversely, Morgan Stanley is less optimistic about SJM Holdings and Melco International, assigning "Neutral" and "Underweight" ratings respectively, citing their valuations as high relative to fundamentals and limited shareholder returns over the next 12 months [1]

Core Insights - The article discusses the rise and fall of Chen Zhi, who transformed from a small-town internet café manager in China to the head of the Prince Group in Cambodia, which was involved in real estate, finance, and gambling, but is now under investigation by multiple law enforcement agencies [2][3][4]. Group 1: Background and Rise - Chen Zhi started his career in a small fishing village in Fujian, China, and quickly recognized the profit potential in private server gaming, leading to his first financial success [5]. - After moving to Cambodia in 2009, he capitalized on the lack of regulatory oversight in the gambling and internet sectors, establishing cross-border fraud teams [5][6]. - In 2015, he founded the Prince Group, which appeared to engage in legitimate business but primarily profited from scams and online gambling [5][6]. Group 2: Operations and Wealth Accumulation - At its peak, the Prince Group had a workforce of 5,000 to 10,000 employees and registered over 700,000 fraudulent accounts [6]. - Chen Zhi's wealth grew rapidly, with daily cash flows reaching $30 million, and he invested heavily in luxury real estate in Singapore, acquiring properties worth approximately $40 million SGD [11]. - He also controlled about 6% of global Bitcoin mining capacity through his company LuBianMining, with $15 billion worth of Bitcoin seized by U.S. authorities [12][19]. Group 3: Legal Challenges and Investigations - In October 2025, U.S. authorities seized 127,000 Bitcoins from Chen Zhi and charged him with conspiracy to commit telecom fraud and money laundering, each carrying a maximum sentence of 20 years [19]. - The U.S. Treasury Department sanctioned Chen Zhi and 146 associated individuals, while the UK froze his real estate assets [19][20]. - Chinese law enforcement had been investigating the Prince Group since 2020, revealing extensive fraud operations with over 5 billion RMB involved [20]. Group 4: Industry Implications - The case highlights significant challenges in cryptocurrency regulation, as the anonymity of Bitcoin allows for nearly untraceable cross-border transactions [23]. - It also underscores the complexities of international law enforcement collaboration, particularly in asset recovery for victims [24]. - The investigation has prompted a reevaluation of family office regulations in Singapore, which had previously attracted significant foreign investment but also facilitated money laundering [17][25].

Core Points - The NBA is currently embroiled in an unprecedented gambling scandal involving over 30 individuals, including coaches and players, arrested by the FBI for illegal gambling and match-fixing [1] - NBA Commissioner Adam Silver has publicly stated that the league is taking measures to limit "proposition betting" on marginal players to reduce the risk of game manipulation [3] - The relationship between professional sports leagues and the gambling industry has fundamentally changed since the U.S. Supreme Court overturned the federal ban on sports betting in 2018, leading to significant partnerships and revenue opportunities for leagues like the NBA [3] - There are calls from bipartisan lawmakers for increased regulation of gambling in sports, with concerns about the integrity of games due to the potential for manipulation by players and coaches [3][4] Industry Analysis - The NBA's partnership with gambling entities has raised concerns about the integrity of the sport, as the influx of new revenue sources comes with increased risks to public trust [3] - Legal experts suggest that affected gamblers may pursue collective lawsuits against the NBA, potentially amounting to nine or even ten-figure sums [3] - A former federal prosecutor emphasized the need for a comprehensive reform of compliance systems within professional sports, particularly regarding the betting market structure that targets player performance [4]

Investment Rating - The report maintains an investment rating of "Buy" for the company with a target price of HKD 24.00 [1][9]. Core Insights - The company's total Gross Gaming Revenue (GGR) for Q3 2025 reached USD 1.837 billion, reflecting a year-on-year increase of 9% and a quarter-on-quarter increase of 7%, recovering to 90% of the levels seen in Q3 2019, which is above the industry average of 88% [6][9]. - The report highlights that while the overall GGR recovery is strong, the recovery in VIP and mass market segments is lagging behind the industry, with VIP GGR at USD 148 million, recovering only to 34% of 2019 levels compared to the industry average of 54% [7]. - The company is expected to increase its dividend to HKD 0.50 in 2025, compared to HKD 0.25 in 2024, indicating a positive outlook for shareholder returns [6][9]. Financial Performance - Projected revenue for the company is expected to grow from HKD 55.224 billion in 2024 to HKD 66.820 billion by 2027, with a compound annual growth rate (CAGR) of approximately 9.72% [5]. - The net profit attributable to the parent company is forecasted to increase from HKD 8.340 billion in 2024 to HKD 11.878 billion in 2027, reflecting a significant growth trajectory [5]. - The report anticipates an increase in the company's EBITDA from USD 6.01 billion in Q3 2025, which is 80% of the levels seen in Q3 2019, indicating a recovery in operational efficiency [8]. Market Dynamics - The company is leveraging innovative gaming solutions such as smart gaming tables and side betting to enhance market share, particularly in the mass market segment [6][7]. - The report notes that the Londoner property has maintained its attractiveness, with a year-on-year GGR increase, and is expected to benefit from upcoming non-gaming events, including concerts and sports events, which could drive additional foot traffic [8][9]. - The report suggests that the overall gaming sector in Macau is likely to continue its upward trend in the second half of 2025, supported by favorable policies and increased consumer spending [9].

Group 1: Foreign Direct Investment in Macau - In 2024, foreign direct investment inflow to Macau reached 137.6 billion MOP, a year-on-year increase of 54.9%, primarily due to increased reinvestment of profits by certain enterprises [1] - The total foreign direct investment income for the year recorded 539.2 billion MOP, up 1.9% [1] - By the end of 2024, the cumulative total of foreign direct investment amounted to 3,953.6 billion MOP, reflecting a year-on-year increase of 4.5% [1] Group 2: Sector Analysis of Foreign Direct Investment - The financial sector attracted 101.5 billion MOP in foreign direct investment, while the wholesale and retail sector received 29.1 billion MOP [1] - The gaming industry saw foreign direct investment income of 308.3 billion MOP, with the financial and wholesale/retail sectors recording 81.7 billion MOP and 79.5 billion MOP, respectively [1] Group 3: Source of Foreign Direct Investment - The majority of foreign direct investment came from mainland China (63.0 billion MOP) and Hong Kong (61.8 billion MOP) [1] - Notably, foreign direct investment from the Cayman Islands turned positive at 29.7 billion MOP in 2024, reversing from a negative value in 2023 due to reduced loan repayments by large enterprises [1] Group 4: Cumulative Foreign Direct Investment by Sector - Cumulative foreign direct investment in the financial sector reached 1,430.0 billion MOP, an increase of 9.2%, while real estate development and rental sector saw a rise of 5.5% to 239.6 billion MOP [2] - The gaming sector experienced a slight decline of 0.1%, totaling 1,423.5 billion MOP [2] Group 5: Overseas Investment by Macau Enterprises - In 2024, Macau enterprises had an overseas direct investment flow of 37.4 billion MOP, with total investment income of 11.1 billion MOP [2] - The cumulative total of overseas direct investment reached 1,100.2 billion MOP, marking a year-on-year increase of 2.0% [2] Group 6: Investment in Mainland China and Hong Kong - Cumulative overseas direct investment in mainland China rose by 0.5% to 829.1 billion MOP, with investments in the Greater Bay Area cities increasing by 1.5% to 688.1 billion MOP, accounting for 83.0% of the total [2] - Investment in Hong Kong also saw a year-on-year increase of 14.4% to 85.9 billion MOP [2]

Market Overview - The Hong Kong stock market opened lower but closed higher, with the Hang Seng Index reaching 25,968 points, up 0.7%. The National Enterprises Index rose 0.8% to 9,301 points. Total trading volume increased to HKD 245.3 billion from HKD 227.5 billion the previous day [1] - In sector performance, Energy, Consumer Discretionary, and Telecommunications sectors rose by 1.6%, 1.0%, and 0.8% respectively, while Industrials, Consumer Staples, and Healthcare sectors declined by 0.1%, 0.2%, and 1.2% respectively [1] Company Performance - Li Ning (2331 HK) and China Hongqiao (1378 HK) were the top gainers, increasing by 6.6% and 4.5% respectively. Conversely, Pop Mart (9992 HK) and CSPC Pharmaceutical Group (1093 HK) were the biggest losers, falling by 9.4% and 3.0% respectively [1] - In the beverage sector, the price war in the mainland's ready-to-drink tea market intensified, leading to a decline in leading companies such as Mixue Ice City (2097 HK) by 4.5% and Gu Ming (1364 HK) by 6.9% [5] - In the gaming sector, Sands China (1928 HK) reported a 7.5% year-on-year increase in total revenue for Q3, with net profit up 1.5% and adjusted property EBITDA up 2.7%. This positive performance led to a more than 4% increase in Sands China's stock price [5] Industry Dynamics - The energy sector saw a rise in crude oil prices, with WTI rebounding to USD 61.5 per barrel amid concerns over tight supply due to sanctions on Russian oil companies [2] - The electricity consumption in China for September was reported at 888.6 billion kWh, reflecting a year-on-year growth of 4.5%, which is lower than the 5.0% growth in August. This indicates a potential slowdown in the energy sector [6]

Core Insights - In 2024, five out of the top ten companies by revenue in Côte d'Ivoire are in the oil and gas sector, indicating a strong presence of energy companies in the economy [1] - The top ten companies have a total revenue growth of 8.2% year-on-year, reflecting a vibrant economic growth in Côte d'Ivoire [1] Company Summaries - The leading company is Société Ivoirienne de Raffinage (SIR) with a revenue of $4.48 billion, holding a 48% state ownership and monopolizing the processing of crude oil from the "Whale" oil field, which produces 50,000 to 60,000 barrels per day [1] - TotalEnergies Côte d'Ivoire ranks second with a revenue of $1.1 billion, followed closely by Vivo Energy CI, a Shell distributor, with a revenue of $1.06 billion [1] - Other notable companies include France Telecom Côte d'Ivoire ($1.06 billion), Côte d'Ivoire National Lottery ($1.02 billion), and distributors like SDTM and Côte d'Ivoire National Oil Company, each with revenues of $1.02 billion [1] - New entrants to the top ten include Olam Cocoa Processing CI with $640 million and ITY Mining Company with $690 million, highlighting the reliance on primary products like cocoa and gold [1]