CI-MGMC@EC2611B

MGM China CEO Reveals Market Share Rises to Over 16% Post-Pandemic

MGM China prices $750 million senior notes

MGM China's Q1 Earnings Beat Expectations; CICC Maintains Outperform Industry Rating

Citibank Downgrades MGM's EBITDA Forecast and Price Target

CLSA Predicts 6.6% Increase in Macau's May Gambling Revenue and Rates Several Stock Performances

JPMorgan Analyzes MGM China's Q1 Performance and Gives Neutral Rating

MGM China's Q1 EBITDA Exceeds Expectations; Citibank Maintains Buy Rating

MGM China's Q1 Earnings: Revenue Up, Win Rate Rises

MGM China Warns Investors Not to Directly Compare Financial Results with MGM International

Morgan Stanley Predicts MGM China to Underperform Market in Next 60 Days

MGM China Releases Its 2025 Sustainability Report

MGM China Repurchased Shares Worth HKD 436,900

MGM China released FY2025 Q3 earnings on March 19 (BJT), actual revenue HKD 9.063 B (forecast HKD 8.476 B), actual EPS HKD 0.3519 (forecast HKD 0.31)

MGM China released FY2025 9 Months Earnings on March 19 (BJT), actual revenue HKD 25.72 B, actual EPS HKD 0.9769

MGM China released FY2025 Q4 earnings on March 19 After-Market (BJT), actual revenue HKD 9.063 B (forecast HKD 9.31 B), actual EPS HKD 0.3519 (forecast HKD 0.37)

MGM China released FY2025 earnings on March 19 After-Market (BJT), actual revenue HKD 34.79 B (forecast HKD 34.07 B), actual EPS HKD 1.329 (forecast HKD 1.3738)

MGM China Reports 10.2% Profit Increase and Dividend Payment

MGM China Announces Revenue and Net Profit for 2025

MGM China to Add 124 Upscale Suites at MGM Cotai in Macau

MGM China to Release FY2025 Earnings on March 19 After-Market (BJT), Forecast Revenue HKD 34.07 B, EPS HKD 1.3738

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Citi has revised its May GGR forecast for Macau from MOP22.5 billion to MOP22 billion, reflecting a 4% year-on-year increase. The adjustment follows industry checks indicating a GGR of approximately MOP17.9 billion for the first 25 days of May, with a daily average of MOP656 million, down 5% from the previous week. A UFC Fight Night event at the end of May is anticipated to boost gaming demand.

- Citi's research report indicates that Macau's total gaming revenue (GGR) for the first 25 days of May may reach approximately 17.9 billion MOP, with an average daily GGR of about 656 million MOP, a 5% decrease from the previous week.  
- Looking ahead, the upcoming UFC Fight Night at the Galaxy Arena is expected to boost gaming demand.  
- Consequently, Citi has adjusted its May GGR forecast down from 22.5 billion MOP to 22 billion MOP, reflecting a 4% year-over-year growth.

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SJM HOLDINGS

MGM CHINA

Melco Resorts & ENT

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MGM Resorts

Galaxy Entertainment Group

VanEck Gaming ETF

Roundhill Sports Betting & iGaming ETF

Citi Cuts May Macau GGR Forecast to MOP22B

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MGM China CEO Feng Xiaofeng stated at the Asian International Entertainment Expo that the company's market share in Macau has increased from under 10% to over 16% post-pandemic. This growth is attributed to a deep understanding of customer preferences and enhancements to their integrated resorts, rather than just expanding high-end suite offerings. The revenue potential of their suite products is significantly higher than standard hotel rooms, contributing to their success in the market.

MGM CHINA N3106

MGM CHINA N2702

MGM CHINA N2605

MGM CHINA  Feng Xiaofeng: Market Share Gains Driven by Deep Understanding of Customer Preferences

HSBC Research reported that Macau's GGR for the first 10 days of May was MOP7.8 billion, with an average daily GGR of MOP780 million, remaining flat YoY but up 18% MoM. The report forecasts full-month May GGR between MOP21.7 billion and MOP23.3 billion, indicating YoY growth of 2% to 10%. The broker is bullish on SANDS CHINA LTD, GALAXY ENT, and MGM CHINA, all rated Buy with unchanged target prices. Non-gaming spending by mainland visitors showed positive growth in Q1 2026, driven by shopping.

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HSBC Research: Macau Avg Daily GGR in First 10 Days of May Flat; Bullish on SANDS CHINA LTD , GALAXY ENT  and MGM CHINA

Latest data from the Macau Financial Services Bureau showed that cumulative gaming tax revenue for January to April this year amounted to 34.872 billion Macau patacas, up 16.9% YoY, reaching 37.7% of the full-year budget target. (su/j)

MELCO INT'L DEV

Macau JanApr Cumulative Gaming Tax Revenue Up 16.9% YoY, Reaching 37.7% of Full-Year Budget

The Macao Government Tourism Office reported that during the five-day May Day holiday (May 1-5), Macau welcomed approximately 873,000 visitors, marking a 2.7% year-on-year increase. The average daily visitor count was around 175,000, exceeding 2019 levels by 10.4%. The peak day for arrivals was May 2, with 248,000 visitors, the highest recorded since official statistics began. Hotel occupancy averaged 92.7% during the holiday period.

MO 'May Day' Holiday Posts Avg. Daily Visitors of 175K; Hotel 5-day Avg Occupancy at 92.7%

MGM China Holdings has announced a purchase agreement to issue US$750 million in 6.250% senior notes due May 15, 2033. The proceeds, approximately US$739.9 million, will primarily be used to repay amounts under the company's revolving credit facility and for general corporate purposes. The transaction aims to optimize MGM China's capital structure by converting part of its bank borrowings into longer-dated bond financing. The completion of the notes issuance is subject to market and regulatory uncertainties. The current analyst rating for MGM China stock is a Hold with a price target of HK$13.20.

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MGM China to Issue US$750 Million in Senior Notes for Debt Refinancing

MGM China Holdings plans to issue U.S. dollar-denominated senior notes to refinance its 2025 revolving credit facility. The offering will be managed by Deutsche Bank AG and J.P. Morgan Securities, targeting professional investors. The final terms are pending market conditions, and proceeds will also support general corporate purposes. The stock currently holds a Hold rating with a price target of HK$13.20.

MGM China Plans US Dollar Senior Notes to Refinance Credit Facility

On May 4, during the Mainland "May Day" holiday, Macau recorded 152,000 inbound visitors, contributing to over 749,000 total passenger trips across border checkpoints. Outbound visitors numbered 174,000, with the Barrier Gate Checkpoint, Hengqin Port, and Hong Kong-Zhuhai-Macao Bridge being the main entry points. Previous days saw inbound visitors at 203,000, 247,000, and 182,000 respectively.

- On May 4, during the fourth day of China's "May Day" holiday, the Macau Public Security Police reported over 749,000 border crossings.  
- A total of 152,000 visitors entered Macau, while 174,000 visitors exited, with primary checkpoints being the Gongbei checkpoint, Hengqin port, and the Hong Kong-Zhuhai-Macau Bridge checkpoint.  
- Earlier reports indicated the number of inbound visitors on the first three days of the holiday was 203,000, 247,000, and 182,000 respectively.

Macau Logs 152,000 Inbound Visitors on Fourth Day of "May Day" Holiday

CICC reported that MGM CHINAachieved a net revenue of HKD8.767 billion in Q1, a 10% YoY increase but a 9% QoQ decrease, recovering to 152% of Q1 2019 levels. Adjusted EBITDA was HKD2.458 billion, up 4% YoY and down 11% QoQ, surpassing expectations of HKD2.35 billion. The broker maintained its EBITDA forecasts for 2026 and 2027, keeping an Outperform rating with a target price of HKD16.1.

CICC

CICC: MGM CHINA  1Q Adjusted EBITDA Beats Expectations

CI-MGMC@EC2611B(28678.HK)

Citi Cuts May Macau GGR Forecast to MOP22B

MGM CHINA Feng Xiaofeng: Market Share Gains Driven by Deep Understanding of Customer Preferences

HSBC Research: Macau Avg Daily GGR in First 10 Days of May Flat; Bullish on SANDS CHINA LTD , GALAXY ENT and MGM CHINA

Macau JanApr Cumulative Gaming Tax Revenue Up 16.9% YoY, Reaching 37.7% of Full-Year Budget

MO 'May Day' Holiday Posts Avg. Daily Visitors of 175K; Hotel 5-day Avg Occupancy at 92.7%

MGM China to Issue US$750 Million in Senior Notes for Debt Refinancing

MGM China Plans US Dollar Senior Notes to Refinance Credit Facility

Macau Logs 152,000 Inbound Visitors on Fourth Day of "May Day" Holiday

CICC: MGM CHINA 1Q Adjusted EBITDA Beats Expectations