MGM CHINA (02282) Plunges Nearly 11% as Brand Royalty Payments to Parent Company Set to Double Starting 2026

Stock News2025-12-29

MGM CHINA (02282) experienced a sharp decline of over 10% during the morning session. As of the time of writing, the stock was down 10.85%, trading at HKD 13.89, with a turnover of HKD 224 million. The drop follows an announcement on December 23rd by MGM Resorts International that it has entered into a new long-term brand licensing agreement with MGM CHINA. A Morgan Stanley research report indicated that, starting in 2026, MGM CHINA's brand royalty payments to its parent company will increase from 1.75% to 3.5%. The report forecasts that these royalty fees will reach HKD 1.2 billion in 2026, a significant jump from the HKD 600 million projected for 2025. Consequently, the report expects MGM CHINA's corporate EBITDA for 2026 to be 7% lower than previous estimates, representing a 5% year-on-year decrease, with the EBITDA margin narrowing by 220 basis points. The proportion of brand royalty fees to corporate EBITDA is projected to rise to 15.2%.

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