MGM China Holdings Ltd

02282: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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MGM China Earnings: Results In Line; Renovation Upgrade to Help Defend Longer-Term Market Share

Jennifer Song

Oct 31, 2024

We maintain our fair value estimate of narrow-moat MGM China at HKD 12.50 per share, following the firm's in-line third-quarter results. Although the performance was weaker than the prior quarter, with revenue and adjusted EBITDA sequentially dropped 9% and 19% respectively, the firm continued to lead its Macao peers with gross gaming revenue, or GGR, and adjusted EBITDA 14% and 28% above its 2019 levels. Meanwhile, industry GGR has just returned to 79% of its 2019 level during the quarter. We think these well demonstrate the firm's strong operating efficiency and deep understanding of customers.

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MGM China Holdings Ltd

MGM China Earnings: Results In Line; Renovation Upgrade to Help Defend Longer-Term Market Share

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