<p>澳门博彩运营商的股票在被迫承担母公司美高梅度假村名称使用权的重大费用增加后大幅下跌。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/06091125/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_6-1-2026_104614_thebambooworks.com_-1024x681.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/06091125/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_6-1-2026_104614_thebambooworks.com_-1024x681.jpeg"/></p>
<p><strong>关键要点：</strong></p>
<p>* MGM 中国表示，从今年开始，其使用美高梅度假村名称的许可费率翻倍，达到其月收入的 3.5%。</p>
<p>* 在公告发布后，澳门赌场运营商的市值在一天内骤降超过 13 亿美元。</p>
<p>其业务在全球众多赌场中处理资金。但美高梅国际公司 (NYSE: MGM) 在上个月的假期期间表现得更像是一个吝啬鬼，成为了 “节俭而愚蠢” 这一谚语的典型代表。</p>
<p>在圣诞前夕香港市场收盘后，该公司在香港上市的子公司 MGM 中国控股有限公司（2282.HK）突然给其股东带来了早期的圣诞煤炭。澳门赌场运营商通知他们，与其位于拉斯维加斯的母公司的品牌协议将在年底到期，新的长期协议将于 1 月 1 日生效。</p>
<p>虽然这样的合同续签是常规事务，但这次的细节却大有不同。简单来说，MGM 在新合同中向其亚洲子公司收取的许可费从合并净月收入的 1.75% 翻倍至 3.5%，有效期可达 20 年。MGM 中国表示，其董事会决定将今年的许可费上限设定为 1.883 亿港元。</p>
<p>摩根士丹利预测，MGM 中国今年将支付 12 亿港元（1.54 亿美元）的许可费，是 2025 年支付的 6 亿港元的两倍。这个大幅增加可能会使公司的息税折旧摊销前利润（EBITDA）同比下降约 5%。因此，该行将 MGM 中国的评级从 “增持” 下调至 “持平”，并将目标价从 19 港元下调至 16.50 港元。</p>
<p><strong>博彩牌照续签受益者</strong></p>
<p>在圣诞惊喜之前，MGM 中国在澳门政府发放新博彩牌照后成为投资者的宠儿，这使得公司在竞争对手中占据了有利地位。</p>
<p>2022 年的新牌照包括对该市各个运营商的博彩桌分配进行重大重组，许多运营商的数量大幅减少。最大的输家是 SJM（0880.HK），其数量被削减 29%，降至 1250 张桌子。美高梅国际（0200.HK）的子公司美高梅度假村（MLCO.US）总数减少了 17.8%，降至 750 张桌子，而永利澳门（1128.HK）也经历了 10.7% 的削减，降至 570 张桌子。金沙中国（1928.HK）和银河娱乐（0027.HK）则保持中立，没有受到任何削减。只有 MGM 中国成为赢家，政府将其数量提高了 36%，从 552 张增加到 750 张。</p>
<p>与此同时，新的博彩法规将赌场的重点从传统的大额赌客房间转向大众博彩区，以推动收入增长。由于大众市场细分基于交易量运营，持有最多博彩桌牌照的运营商自动拥有明显的竞争优势。因此，MGM 中国因其博彩桌数量的显著增加而成为这一转变的主要受益者。</p>
<p>这些优势使投资者纷纷涌入 MGM 中国的股票。在圣诞前夕公告后的下一个交易日大幅下跌之前，MGM 中国的股票从去年低点上涨了 90%。相比之下，其余五家牌照持有者的股票涨幅在 25% 到 89% 之间。</p>
<p>澳门改善的博彩环境也提升了整个集团的表现。在去年上半年，月度总博彩收入（GGR）的同比增长率显著放缓后，趋势在 6 月开始逆转。因此，月度增长率在下半年上升至两位数，六个月的月度总额超过 200 亿澳门元（25 亿美元）。</p>
<p>因费用上涨而股价暴跌</p>
<p>MGM 中国在去年上半年报告了 23.9 亿港元的利润，年化约为 48 亿港元。因此，许可费用增加 6 亿港元——相当于利润的八分之一——将对公司的盈利能力产生重大影响。</p>
<p>虽然 MGM 中国无疑会在相对有限的影响下生存下来，但费用的突然增加让投资者感到不快。</p>
<p>在 12 月 29 日香港市场开盘的公告后第一个交易日，MGM 中国的股票大幅下跌，收盘下跌 17%，报 12.91 港元，交易量是日均交易量的八到九倍。这使其市值减少约 102 亿港元，降至 490 亿港元。</p>
<p>美高梅度假村决定提高其子公司的许可费用看起来有些失误。虽然美国公司每年将获得近 1 亿美元的额外收入，但直接后果是在一天内对 MGM 中国的市值造成了更大的打击。根据美高梅度假村在 MGM 中国的 55.95% 股份，这意味着母公司在一天内损失了 56.9 亿港元，远远超过了其在头几年内从增加的费用收入中获得的收益。</p>
<p>削弱投资者信心</p>
<p>费用上涨带来的最大负面影响是对投资者信心的损害。摩根士丹利指出，在新的结构下，许可成本占 MGM 中国预计 2026 年 EBITDA 的约 15.2%。相比之下，永利澳门约为 14.1%，金沙中国约为 5%，银河娱乐则为零。因此，MGM 中国在同行中承担了相对最高的负担。</p>
<p>投资者之前对许可费用表示了保留意见。根本问题在于：既然游戏特许权本身是由美高梅度假村获得的，为什么还要额外收取许可费用？此外，母公司已经持有美高梅中国的多数股权，使得每年超过 10 亿港元的许可费用显得过于高昂。</p>
<p>美高梅中国的投资者显然不喜欢这种做法，认为母公司在优先考虑自身利益时，没有充分考虑到少数股东的权益。</p>
<p>在抛售之后，美高梅中国目前的市盈率为 11.4 倍，低于银河娱乐的 17 倍和永利澳门的 17 倍，仅为金沙中国 22.4 倍的一半。新濠国际和美高梅国际都在亏损。</p>
<p>相对而言，美高梅中国目前的估值在同行中看起来最具吸引力，这意味着随着澳门博彩业的持续改善，可能会有上涨空间。但突如其来的费用上涨表明，较低的估值可能并非完全没有依据。原因很简单：当控股股东优先考虑自身利益而非少数投资者时，公司的估值必然会受到影响。</p>
<p>这种看法的转变可能使美高梅中国股价在短期内恢复变得具有挑战性，因为投资者仍在为这一意外的 “圣诞煤炭” 感到痛苦。</p>
<p><strong><em>图片来源：作者</em></strong></p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

美高梅中国

<p>美高梅中国的股价在公司宣布将其许可费用提高至每月收入的 3.5% 后大幅下跌，导致市值损失超过 13 亿美元。该费用增加将持续最多 20 年，预计将使美高梅中国的息税折旧摊销前利润（EBITDA）减少约 5%。摩根士丹利下调了对美高梅中国的评级并降低了目标价。尽管之前因新游戏许可证而获得了一些收益，但突如其来的费用上涨让投资者对盈利能力感到担忧，导致公告后的首个交易日股价下跌了 17%</p>

<p>The Macao gaming operator's shares plunged after being saddled with a major increase for rights to use the name of its parent, MGM Resorts</p>
<div class="lb-trans"><p>澳门博彩运营商的股票在被迫承担母公司美高梅度假村名称使用权的重大费用增加后大幅下跌。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/06091125/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_6-1-2026_104614_thebambooworks.com_-1024x681.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/06091125/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_6-1-2026_104614_thebambooworks.com_-1024x681.jpeg"/></p>
<p><strong>Key Takeaways:</strong></p>
<div class="lb-trans"><p><strong>关键要点：</strong></p>
</div><p>* MGM China said its licensing fee rate for rights the MGM Resorts name doubled to 3.5% of its monthly revenue starting this year</p>
<div class="lb-trans"><p>* MGM 中国表示，从今年开始，其使用美高梅度假村名称的许可费率翻倍，达到其月收入的 3.5%。</p>
</div><p>* The Macao casino operator's market value plunged by over $1.3 billion in a single day after the announcement</p>
<div class="lb-trans"><p>* 在公告发布后，澳门赌场运营商的市值在一天内骤降超过 13 亿美元。</p>
</div><p>Its business is dealing in money at its many casinos worldwide. But MGM Resorts International (NYSE: MGM) was behaving more like a Scrooge around the holidays late last month, as it became a poster child for the adage &#34;penny wise and pound foolish.&#34;</p>
<div class="lb-trans"><p>其业务在全球众多赌场中处理资金。但美高梅国际公司 (NYSE: MGM) 在上个月的假期期间表现得更像是一个吝啬鬼，成为了 “节俭而愚蠢” 这一谚语的典型代表。</p>
</div><p>After the Hong Kong market closed on Christmas Eve, the company's Hong Kong-listed unit, MGM China Holdings Ltd. (2282.HK), abruptly gave its shareholders some early Christmas coal. The Macao casino operator informed them that a branding agreement with its Las Vegas-based parent was expiring at year-end, and a new long term deal would take effect on Jan. 1.</p>
<div class="lb-trans"><p>在圣诞前夕香港市场收盘后，该公司在香港上市的子公司 MGM 中国控股有限公司（2282.HK）突然给其股东带来了早期的圣诞煤炭。澳门赌场运营商通知他们，与其位于拉斯维加斯的母公司的品牌协议将在年底到期，新的长期协议将于 1 月 1 日生效。</p>
</div><p>While such contract renewals are routine matters, the devil was in the details this time. Simply put, the licensing fee MGM charges its Asian offspring in the new contract doubled from 1.75% of consolidated net monthly revenue to 3.5%, effective for up to 20 years. MGM China said its own board resolved to cap this year's license fee at $188.3 million.</p>
<div class="lb-trans"><p>虽然这样的合同续签是常规事务，但这次的细节却大有不同。简单来说，MGM 在新合同中向其亚洲子公司收取的许可费从合并净月收入的 1.75% 翻倍至 3.5%，有效期可达 20 年。MGM 中国表示，其董事会决定将今年的许可费上限设定为 1.883 亿港元。</p>
</div><p>Morgan Stanley forecast that MGM China will pay HK$1.2 billion ($154 million) in licensing fees this year, double the HK$600 million it paid in 2025. That substantial increase could drag down the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) by about 5% year-on-year, it added. As a result, it downgraded its rating on MGM China to &#34;equal-weight&#34; from &#34;overweight,&#34; and reduced its target price from HK$19 to HK$16.50.</p>
<div class="lb-trans"><p>摩根士丹利预测，MGM 中国今年将支付 12 亿港元（1.54 亿美元）的许可费，是 2025 年支付的 6 亿港元的两倍。这个大幅增加可能会使公司的息税折旧摊销前利润（EBITDA）同比下降约 5%。因此，该行将 MGM 中国的评级从 “增持” 下调至 “持平”，并将目标价从 19 港元下调至 16.50 港元。</p>
</div><p><strong>Gaming license renewal beneficiary</strong></p>
<div class="lb-trans"><p><strong>博彩牌照续签受益者</strong></p>
</div><p>Before the Christmas surprise, MGM China had become an investor darling after the Macao government issued new gambling licenses that dealt the company a strong hand over its rivals.</p>
<div class="lb-trans"><p>在圣诞惊喜之前，MGM 中国在澳门政府发放新博彩牌照后成为投资者的宠儿，这使得公司在竞争对手中占据了有利地位。</p>
</div><p>The new licenses in 2022 included a major reshuffle of gaming table allocations for the city's various operators, with many receiving major reductions. The top loser was SJM (0880.HK), whose count was slashed by 29% to 1,250 tables. Melco Resorts (MLCO.US), a subsidiary of Melco International (0200.HK), saw its total cut by 17.8% to 750 tables, while Wynn Macau (1128.HK) also experienced a 10.7% cut to 570 tables. Sands China (1928.HK) and Galaxy Entertainment (0027.HK) came up neutral and were spared any reductions. Only MGM China emerged as a winner, as the government raised its count by 36%, from 552 to 750 tables.</p>
<div class="lb-trans"><p>2022 年的新牌照包括对该市各个运营商的博彩桌分配进行重大重组，许多运营商的数量大幅减少。最大的输家是 SJM（0880.HK），其数量被削减 29%，降至 1250 张桌子。美高梅国际（0200.HK）的子公司美高梅度假村（MLCO.US）总数减少了 17.8%，降至 750 张桌子，而永利澳门（1128.HK）也经历了 10.7% 的削减，降至 570 张桌子。金沙中国（1928.HK）和银河娱乐（0027.HK）则保持中立，没有受到任何削减。只有 MGM 中国成为赢家，政府将其数量提高了 36%，从 552 张增加到 750 张。</p>
</div><p>At the same time the new gaming regulations have shifted the focus for casinos away from VIP rooms that were their traditional big money spinners, and towards the mass gaming floor to drive revenue growth. Since the mass market segment operates on a volume-based model, operators holding the most gaming table licenses automatically have a distinct competitive advantage. Accordingly, MGM China became the primary beneficiary of the shifting focus due to its substantial increase in gaming tables.</p>
<div class="lb-trans"><p>与此同时，新的博彩法规将赌场的重点从传统的大额赌客房间转向大众博彩区，以推动收入增长。由于大众市场细分基于交易量运营，持有最多博彩桌牌照的运营商自动拥有明显的竞争优势。因此，MGM 中国因其博彩桌数量的显著增加而成为这一转变的主要受益者。</p>
</div><p>Those advantages sent investors diving in MGM China's stock. Before a steep decline the next trading day after the Christmas Eve announcement, MGM China's stock had risen up to 90% from its low for the last year. By comparison, stock gains for the remaining five license holders ranged between 25% and 89%.</p>
<div class="lb-trans"><p>这些优势使投资者纷纷涌入 MGM 中国的股票。在圣诞前夕公告后的下一个交易日大幅下跌之前，MGM 中国的股票从去年低点上涨了 90%。相比之下，其余五家牌照持有者的股票涨幅在 25% 到 89% 之间。</p>
</div><p>An improving gaming environment in Macao has also lifted the entire group. After year-on-year growth rates for monthly gross gaming revenue (GGR) slowed significantly in the first half of last year, the trend began to reverse in June. As a result, monthly growth rates rose into double-digit territory in the second half, with the monthly total topping 20 billion patacas ($2.5 billion) in six separate months.</p>
<div class="lb-trans"><p>澳门改善的博彩环境也提升了整个集团的表现。在去年上半年，月度总博彩收入（GGR）的同比增长率显著放缓后，趋势在 6 月开始逆转。因此，月度增长率在下半年上升至两位数，六个月的月度总额超过 200 亿澳门元（25 亿美元）。</p>
</div><p>Stock plunges on fee hike</p>
<div class="lb-trans"><p>因费用上涨而股价暴跌</p>
</div><p>MGM China reported a profit of HK$2.39 billion in the first half of last year, equating to about HK$4.8 billion on an annualized basis. Accordingly, an increase of HK$600 million in money for licensing fees – equal to one-eighth of the profit – will have a major impact on the company's profitability.</p>
<div class="lb-trans"><p>MGM 中国在去年上半年报告了 23.9 亿港元的利润，年化约为 48 亿港元。因此，许可费用增加 6 亿港元——相当于利润的八分之一——将对公司的盈利能力产生重大影响。</p>
</div><p>While MGM China will undoubtedly survive the blow with relatively limited impact, the abrupt nature of the increase left a bad taste in investors' mouths.</p>
<div class="lb-trans"><p>虽然 MGM 中国无疑会在相对有限的影响下生存下来，但费用的突然增加让投资者感到不快。</p>
</div><p>When the Hong Kong market opened on Dec. 29, the first trading day after the announcement, MGM China's stock plunged sharply to close down 17% at HK$12.91 for the day, on trading volume that was eight to nine times the daily average. That shaved about HK$10.2 billion from its market value, which fell to HK$49 billion.</p>
<div class="lb-trans"><p>在 12 月 29 日香港市场开盘的公告后第一个交易日，MGM 中国的股票大幅下跌，收盘下跌 17%，报 12.91 港元，交易量是日均交易量的八到九倍。这使其市值减少约 102 亿港元，降至 490 亿港元。</p>
</div><p>MGM Resorts' decision to increase its offspring's licensing fee looks a bit like a misstep. While the U.S. company stands to gain nearly $100 million in additional revenue annually, the immediate consequence was a much greater hit to MGM China's market value in a single day. Based on MGM Resorts' 55.95% stake in MGM China, this translates to a one-day loss of HK$5.69 billion for the parent, far more than it will gain from the increased fee income over the first few years.</p>
<div class="lb-trans"><p>美高梅度假村决定提高其子公司的许可费用看起来有些失误。虽然美国公司每年将获得近 1 亿美元的额外收入，但直接后果是在一天内对 MGM 中国的市值造成了更大的打击。根据美高梅度假村在 MGM 中国的 55.95% 股份，这意味着母公司在一天内损失了 56.9 亿港元，远远超过了其在头几年内从增加的费用收入中获得的收益。</p>
</div><p>Dented investor confidence</p>
<div class="lb-trans"><p>削弱投资者信心</p>
</div><p>The biggest negative fallout from the fee hike is damage to investor confidence. Morgan Stanley points out that under the new structure, licensing costs represent about 15.2% of MGM China's projected 2026 EBITDA. This compares to around 14.1% for Wynn Macau, approximately 5% for Sands China, and zero for Galaxy Entertainment. Consequently, MGM China is bearing the highest relative burden for that metric among its peers.</p>
<div class="lb-trans"><p>费用上涨带来的最大负面影响是对投资者信心的损害。摩根士丹利指出，在新的结构下，许可成本占 MGM 中国预计 2026 年 EBITDA 的约 15.2%。相比之下，永利澳门约为 14.1%，金沙中国约为 5%，银河娱乐则为零。因此，MGM 中国在同行中承担了相对最高的负担。</p>
</div><p>Investors have previously expressed reservations over the licensing fee. The fundamental question arises: since the gaming concession itself was secured by MGM Resorts, why impose an additional licensing fee? Furthermore, the parent already holds a majority stake in MGM China, making a license fee exceeding HK$1 billion annually seem excessive.</p>
<div class="lb-trans"><p>投资者之前对许可费用表示了保留意见。根本问题在于：既然游戏特许权本身是由美高梅度假村获得的，为什么还要额外收取许可费用？此外，母公司已经持有美高梅中国的多数股权，使得每年超过 10 亿港元的许可费用显得过于高昂。</p>
</div><p>Investors in MGM China clearly don't like this approach, believing the parent is prioritizing its own interests without adequately considering minority shareholders.</p>
<div class="lb-trans"><p>美高梅中国的投资者显然不喜欢这种做法，认为母公司在优先考虑自身利益时，没有充分考虑到少数股东的权益。</p>
</div><p>Following the selloff, MGM China currently trades at a trailing price-to-earnings (P/E) ratio of 11.4 times, below the 17 times for Galaxy Entertainment and Wynn Macao, and just half the 22.4 times for Sands China. SJM and Melco International are both losing money.</p>
<div class="lb-trans"><p>在抛售之后，美高梅中国目前的市盈率为 11.4 倍，低于银河娱乐的 17 倍和永利澳门的 17 倍，仅为金沙中国 22.4 倍的一半。新濠国际和美高梅国际都在亏损。</p>
</div><p>Comparatively speaking, MGM China's current valuation looks the most attractive among its peers, implying potential upside as Macao's gaming industry continues to improve. But the sudden fee hike shows the lower valuation may not be completely unfounded. The reason is straightforward: when a controlling shareholder prioritizes its own interests over minority investors, the company's valuation will inevitably suffer.</p>
<div class="lb-trans"><p>相对而言，美高梅中国目前的估值在同行中看起来最具吸引力，这意味着随着澳门博彩业的持续改善，可能会有上涨空间。但突如其来的费用上涨表明，较低的估值可能并非完全没有依据。原因很简单：当控股股东优先考虑自身利益而非少数投资者时，公司的估值必然会受到影响。</p>
</div><p>Such a shifting perception could make a near-term recovery for MGM China's share price challenging, as investors continue to smart from this unexpected piece of Christmas coal.</p>
<div class="lb-trans"><p>这种看法的转变可能使美高梅中国股价在短期内恢复变得具有挑战性，因为投资者仍在为这一意外的 “圣诞煤炭” 感到痛苦。</p>
</div><p><strong><em>Image credit: Author</em></strong></p>
<div class="lb-trans"><p><strong><em>图片来源：作者</em></strong></p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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父母之爱是否失控？美高梅中国的股价因许可费上涨而大幅下跌