CI-MGMC@EC2611B

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

CLSA: Macau's February Gambling Revenue Up 4.5%, Predicts 9.7% Growth in March

CLSA Predicts 7.4% YoY Growth in Macau's February Gaming Revenue

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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.

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MGM China Plans US Dollar Senior Notes to Refinance Credit Facility

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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.

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SJM HOLDINGS

VanEck Gaming ETF

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

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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.

MGM CHINA N2702

MGM CHINA N2605

MGM CHINA N3106

CICC

CICC: MGM CHINA  1Q Adjusted EBITDA Beats Expectations

CLSA forecasts Macau's May gross gaming revenue (GGR) to reach 22.6 billion patacas, supported by increased foot traffic and healthy betting levels observed during the Golden Week holiday. The report highlights new gaming options at casinos, which may enhance long-term win rates. CLSA anticipates a 6.6% year-on-year growth in GGR by May 2026. The current EV/EBITDA multiple for Macau's gaming sector is considered undemanding. Investment ratings were assigned to several stocks, with GALAXY ENT, MGM CHINA, and SANDS CHINA rated as Outperform, while WYNN MACAU and SJM HOLDINGS received Hold and Underperform ratings, respectively.

CLSA Expects Macau May GGR of 22.6B Patacas Achievable

JPMorgan reported that MGM Chinaexceeded 1Q EBITDA forecasts by 5%, reaching HKD2.6 billion, a 13% YoY increase. Despite this, the stock has dropped 22% in six months due to a license fee hike and a disappointing dividend policy. JPM maintains a Neutral rating with a target price of HKD13.2, noting attractive valuation metrics and a forecast dividend yield over 5% for 2026.

MGM Resorts

JPM: MGM CHINA  1Q EBITDA 5% Above Market Forecast, Rated Neutral

Haitong International forecasts an 8% year-on-year increase in Macau's GGR for May, following a 5.5% rise to MOP19.894 billion in April. The average daily GGR in April was MOP663 million, down 9.1% from March, indicating seasonal softening. Year-to-date, total industry revenue is up 12.1% YoY, reaching 86% of 2019 levels. Despite a decline in hotel room rates during the May Day Golden Week, occupancy rates improved. The expected growth in May would bring total industry revenue to 88.2% of the 2019 level.

Haitong International Expects Macau May GGR to Rise 8% YoY

CICC reported that Macau's gross gaming revenue (GGR) in April increased by 5.5% year-on-year, slightly below market expectations of 6.5%. Month-on-month, GGR fell by 12%, reaching 84.3% of April 2019 levels. The subdued performance was attributed to the low season, lower win rates, and stricter regulations. VIP gaming revenue dropped 46% to 55% compared to April 2019, while mass-market revenue rose by 11% to 19%. CICC forecasts May GGR between MOP21.7 billion and MOP23.3 billion, with a year-on-year growth of 2% to 10%.

CICC: Macau Apr GGR Largely In Line

CICC has reaffirmed its Buy rating for MGM China Holdings (MCHVF), setting a price target of HK$16.10, while the shares closed at HK$11.68. The analyst consensus indicates a Moderate Buy with an average target of HK$16.21, suggesting a potential upside of 38.82%. Jefferies also maintains a Buy rating with a target of HK$16.40.

Jefferies Financial

CICC Sticks to Its Buy Rating for MGM China Holdings (MCHVF)

Jefferies has rated MGM CHINAas a Buy with a target price of HKD16.4. The company reported an adjusted EBITDA of HKD2.46 billion for 1Q26, a 4% increase year-on-year but an 11% decrease quarter-on-quarter. Revenue reached HKD8.8 billion, up 10% YoY but down 9% QoQ. MGM CHINA's market share was stable at 15.7%, improving to 17.3% in March. The company is enhancing its premium offerings with renovations and new gaming spaces.

Jefferies Rates MGM CHINA  Buy, TP HKD16.4

CI-MGMC@EC2611B(28678.HK)

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

CLSA Expects Macau May GGR of 22.6B Patacas Achievable

JPM: MGM CHINA 1Q EBITDA 5% Above Market Forecast, Rated Neutral

Haitong International Expects Macau May GGR to Rise 8% YoY

CICC: Macau Apr GGR Largely In Line

CICC Sticks to Its Buy Rating for MGM China Holdings (MCHVF)

Jefferies Rates MGM CHINA Buy, TP HKD16.4