Goldman Sachs Sees MGM China's Q2 Results in Line, Maintains Buy Rating

Stock News08-07

A report from Goldman Sachs indicates that MGM CHINA's second-quarter performance met the bank's and market expectations. Property EBITDA reached HK$2.33 billion, down 5% quarter-over-quarter, falling within the market forecast range of HK$2.2 billion to HK$2.4 billion.

Excluding the impact of a VIP win rate below the theoretical assumption, adjusted EBITDA was approximately HK$2.35 billion, down 8% quarter-over-quarter and 3% year-over-year. The bank has slightly adjusted its EBITDA forecasts for MGM CHINA for fiscal years 2026 to 2028, with changes of up to 1%, maintaining a target price of HK$16 and a "Buy" rating.

Management noted that about two weeks after the World Cup ended, a strong release of pent-up demand was observed. Visitor volume and gaming activity showed a significant week-over-week rebound, with daily industry gaming revenue in the past one to two weeks returning to Q1 levels. MGM CHINA's performance surpassed the broader market.

Goldman Sachs estimates that industry casino revenue for July could approach MOP 21 billion, with the year-over-year decline narrowing to 5% to 6%, compared to a 12% drop in June. The bank estimates MGM CHINA's market share has rebounded to approximately 16.5% in July, a sequential increase of 1.1 percentage points, and expects market share to range between 16% and 16.2% in the second half. Assuming stable industry gaming revenue and promotional environment for the remainder of the year, the bank expects quarterly property EBITDA to reach HK$2.44 billion to HK$2.45 billion.

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Property EBITDA reached HK$2.33 billion, down 5% quarter-over-quarter, falling within the market forecast range of HK$2.2 billion to HK$2.4 billion.<br><br>Excluding the impact of a VIP win rate below the theoretical assumption, adjusted EBITDA was approximately HK$2.35 billion, down 8% quarter-over-quarter and 3% year-over-year. The bank has slightly adjusted its EBITDA forecasts for <b>MGM CHINA</b> for fiscal years 2026 to 2028, with changes of up to 1%, maintaining a target price of HK$16 and a \"Buy\" rating.<br><br>Management noted that about two weeks after the World Cup ended, a strong release of pent-up demand was observed. 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Assuming stable industry gaming revenue and promotional environment for the remainder of the year, the bank expects quarterly property EBITDA to reach HK$2.44 billion to HK$2.45 billion.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"02282","symbol_name":"美高梅中国","start_time":0,"source_url":"","article_id":"1162419370","we_media_id":"1036600163","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1162419370","pubTimestamp":1786093239,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Stock News","introduction":"Global Stock News First-Time Broadcast","home_visible":1,"id":"1036600163","head_image":"https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a"},"summary":"A report from Goldman Sachs indicates that MGM CHINA's second-quarter performance met the bank's and market expectations. 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