MGM China Reports Over 10% Year-on-Year Increase in 2025 Adjusted EBITDA, Reaching Record $10.005 Billion
Stock Performance: MGM CHINA's stock decreased by 3.679%, with a short selling amount of $13.70 million and a ratio of 9.506%.
Revenue Growth: MGM Resorts International reported that MGM CHINA's total revenue for the year ending December 2025 rose by 10.8% year-over-year, reaching $34.787 billion.
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CICC Reports MGM CHINA (02282.HK) Exceeds 4Q25 Adjusted EBITDA Expectations, Maintains Outperform Rating
MGM China's Financial Performance: MGM China reported a net revenue of RMB9.617 billion in 4Q25, achieving 169% of the revenue from the same period in 2019, with adjusted EBITDA of RMB2.753 billion surpassing expectations.
High-End Business Growth: The strong performance was attributed to the high-end business segment, with MGM Cotai and MGM Macau's total GGR recovering to 214% and 104% of 2019 levels, respectively.
Broker Recommendations: CICC maintained its EBITDA forecasts for MGM China for 2026 and 2027, keeping an Outperform rating and a target price of HKD16.1.
Citi's Position: Citi reiterated a Buy rating on MGM China with a target price of HKD18.25, reflecting confidence in the company's ongoing recovery and performance.
UBS Assigns Buy Rating to MGM CHINA; Remains Positive on CNY Performance
Financial Performance: MGM CHINA's 4Q25 adjusted property EBITDA increased by 29% year-over-year to USD353 million, aligning with market expectations after adjustments for VIP room win rates.
Market Outlook: The company's management remains optimistic about the competitive environment and anticipates strong performance during the Chinese New Year holiday due to positive booking trends.
Stock Rating: UBS maintains a target price of HKD18.5 for MGM CHINA, with a "Buy" rating reflecting confidence in the company's future performance.
Short Selling Activity: The short selling for MGM CHINA is reported at $12.65 million, with a ratio of 10.407%, indicating a notable level of market speculation.
Citi Maintains Buy Rating on MGM CHINA (02282.HK) with Target Price of HKD18.25
Financial Performance: MGM CHINA reported a record high quarterly EBITDA of RMB2.753 billion in 4Q25, with an annual EBITDA exceeding RMB10 billion and an improved EBITDA margin of 28.6%.
Market Outlook: Management noted strong booking trends and a long waiting list for premium hotel products ahead of the Lunar New Year, indicating no signs of a pre-holiday slowdown.
CLSA Maintains Outperform Rating for MGM CHINA (02282.HK) Following Strong 4Q25 Property EBITDA Results
Financial Performance: MGM China reported a 29% year-over-year increase in 4Q25 property EBITDA to $2.753 billion, surpassing market expectations due to a high VIP win rate at MGM Cotai.
Market Share and Margins: The company's GGR market share rose by 0.6 percentage points to 16.3%, with property EBITDA margins increasing by 0.2 percentage points to 26.8%, indicating effective expense management.
Broker Rating and Target Price: CLSA maintained an "Outperform" rating for MGM China, setting a target price of $20.9, based on a forecasted EV/EBITDA of 7.2x for 2026.
Short Selling Activity: MGM China experienced short selling of $13.70 million, with a short selling ratio of 9.506%, reflecting market sentiment.
MGM China Reports Over 10% Year-on-Year Increase in 2025 Adjusted EBITDA, Reaching Record $10.005 Billion
Stock Performance: MGM CHINA's stock decreased by 3.679%, with a short selling amount of $13.70 million and a ratio of 9.506%.
Revenue Growth: MGM Resorts International reported that MGM CHINA's total revenue for the year ending December 2025 rose by 10.8% year-over-year, reaching $34.787 billion.
G Sachs Research: January GGR Exceeds Expectations; 1Q GGR Projected to Increase 17% Year-over-Year
Macau's GGR Performance: Macau's January Gross Gaming Revenue (GGR) grew by 24% year-on-year to MOP22.6 billion, reaching 91% of the 2019 level, driven by a healthy increase in mainland Chinese visitors.
Impact of Events on Gaming Demand: Goldman Sachs believes that the upcoming Winter Olympic Games will not significantly affect gaming demand, while the World Cup may impact monthly revenue by no more than 5%.
SANDS CHINA LTD Financials: Despite reporting lower-than-expected EBITDA in 4Q25 due to one-off expenses and a shift towards lower-margin segments, Goldman Sachs maintains a Buy rating on SANDS CHINA LTD.
Outlook for Other Companies: Goldman Sachs anticipates solid 4Q25 results for GALAXY ENT and MGM CHINA, with expected EBITDA increases of 28% and 8% quarter-on-quarter, respectively, and reiterates Buy ratings for these stocks.
CICC Reports MGM CHINA (02282.HK) Exceeds 4Q25 Adjusted EBITDA Expectations, Maintains Outperform Rating
MGM China's Financial Performance: MGM China reported a net revenue of RMB9.617 billion in 4Q25, achieving 169% of the revenue from the same period in 2019, with adjusted EBITDA of RMB2.753 billion surpassing expectations.
High-End Business Growth: The strong performance was attributed to the high-end business segment, with MGM Cotai and MGM Macau's total GGR recovering to 214% and 104% of 2019 levels, respectively.
Broker Recommendations: CICC maintained its EBITDA forecasts for MGM China for 2026 and 2027, keeping an Outperform rating and a target price of HKD16.1.
Citi's Position: Citi reiterated a Buy rating on MGM China with a target price of HKD18.25, reflecting confidence in the company's ongoing recovery and performance.
UBS Assigns Buy Rating to MGM CHINA; Remains Positive on CNY Performance
Financial Performance: MGM CHINA's 4Q25 adjusted property EBITDA increased by 29% year-over-year to USD353 million, aligning with market expectations after adjustments for VIP room win rates.
Market Outlook: The company's management remains optimistic about the competitive environment and anticipates strong performance during the Chinese New Year holiday due to positive booking trends.
Stock Rating: UBS maintains a target price of HKD18.5 for MGM CHINA, with a "Buy" rating reflecting confidence in the company's future performance.
Short Selling Activity: The short selling for MGM CHINA is reported at $12.65 million, with a ratio of 10.407%, indicating a notable level of market speculation.
Citi Maintains Buy Rating on MGM CHINA (02282.HK) with Target Price of HKD18.25
Financial Performance: MGM CHINA reported a record high quarterly EBITDA of RMB2.753 billion in 4Q25, with an annual EBITDA exceeding RMB10 billion and an improved EBITDA margin of 28.6%.
Market Outlook: Management noted strong booking trends and a long waiting list for premium hotel products ahead of the Lunar New Year, indicating no signs of a pre-holiday slowdown.
CLSA Maintains Outperform Rating for MGM CHINA (02282.HK) Following Strong 4Q25 Property EBITDA Results
Financial Performance: MGM China reported a 29% year-over-year increase in 4Q25 property EBITDA to $2.753 billion, surpassing market expectations due to a high VIP win rate at MGM Cotai.
Market Share and Margins: The company's GGR market share rose by 0.6 percentage points to 16.3%, with property EBITDA margins increasing by 0.2 percentage points to 26.8%, indicating effective expense management.
Broker Rating and Target Price: CLSA maintained an "Outperform" rating for MGM China, setting a target price of $20.9, based on a forecasted EV/EBITDA of 7.2x for 2026.
Short Selling Activity: MGM China experienced short selling of $13.70 million, with a short selling ratio of 9.506%, reflecting market sentiment.
MGM China Reports Over 10% Year-on-Year Increase in 2025 Adjusted EBITDA, Reaching Record $10.005 Billion
Stock Performance: MGM CHINA's stock decreased by 3.679%, with a short selling amount of $13.70 million and a ratio of 9.506%.
Revenue Growth: MGM Resorts International reported that MGM CHINA's total revenue for the year ending December 2025 rose by 10.8% year-over-year, reaching $34.787 billion.
G Sachs Research: January GGR Exceeds Expectations; 1Q GGR Projected to Increase 17% Year-over-Year
Macau's GGR Performance: Macau's January Gross Gaming Revenue (GGR) grew by 24% year-on-year to MOP22.6 billion, reaching 91% of the 2019 level, driven by a healthy increase in mainland Chinese visitors.
Impact of Events on Gaming Demand: Goldman Sachs believes that the upcoming Winter Olympic Games will not significantly affect gaming demand, while the World Cup may impact monthly revenue by no more than 5%.
SANDS CHINA LTD Financials: Despite reporting lower-than-expected EBITDA in 4Q25 due to one-off expenses and a shift towards lower-margin segments, Goldman Sachs maintains a Buy rating on SANDS CHINA LTD.
Outlook for Other Companies: Goldman Sachs anticipates solid 4Q25 results for GALAXY ENT and MGM CHINA, with expected EBITDA increases of 28% and 8% quarter-on-quarter, respectively, and reiterates Buy ratings for these stocks.
