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MGM China Reports Slight Revenue Decline in Q1 2025
[Brokerage Focus] JPMorgan: The Macau Gambling industry performs strongly during the May Day holiday. Short-term favorite is MGM CHINA (02282).
Jinwu Financial News | JPMorgan's research report indicates that the total Gambling revenue (GGR) of Macau's Gambling industry reached 1.02 billion Macanese Patacas in the first five days of May. Despite facing a high base in the same period last year, it achieved a strong year-on-year growth of 12% and recovered to over 90% of the pre-pandemic level during the May Golden Week. This data significantly exceeded the expected daily average of 0.85 billion Macanese Patacas, marking the largest over-expectation performance in years, with growth especially encouraging. The report states that more than half of Macau's gaming companies have announced their first-quarter Earnings Reports, and the bank believes that the current stage of the Earnings Reports has limited stimulation to stock prices. The focus will be on management's interpretation of the sustainability of the over-expectation performance during the Golden Week.
The Macau Casino stocks have risen, with MGM CHINA (02282) increasing by 6.6%. During the May Day holiday, the number of incoming tourists to Macau exceeded 0.85 million.
King Wu Finance | Macau Casino stocks rose overall, MGM CHINA (02282) increased by 6.6%, SANDS CHINA (01928) rose by 3.8%, WYNN MACAU (01128) climbed by 2.84%, MELCO INT'L DEV (00200) gained 2.17%, and GALAXY ENT (00027) advanced by 1.56%. Data released by the Macao SAR Government Public Security Police Force on May 6 showed that from May 1 to May 5, there were a total of 3.754 million entries and exits at various ports in Macao, with over 0.85 million inbound visitors to Macao, averaging 0.17 million per day. In terms of ports, inbound visitors primarily entered Macao through the Gongbei Port.
MGM China Holdings (MCHVF) Receives a Buy From J.P. Morgan
MGM China's Controlling Shareholder Logs Lower Q1 EBITDA
【Brokerage Focus】China International Capital Corporation maintains "Outperform Industry" rating on MGM CHINA (02282), indicating a strong recovery in the mid-stage business of Macau and MGM COTAI.
Jingwu Financial News | China International Capital Corporation released a Research Report indicating that MGM CHINA (02282) announced its Q1 2025 performance on May 1: net income of 7.994 billion Hong Kong dollars (down 3% year-on-year, up 1% quarter-on-quarter), recovering to 139% of Q1 2019; adjusted EBITDA of 2.368 billion Hong Kong dollars (down 5% year-on-year, up 11% quarter-on-quarter), recovering to 146% of Q1 2019, better than Bloomberg's consensus expectation of 2.158 billion Hong Kong dollars. The firm attributed MGM CHINA's performance to: 1) all properties under its umbrella, MGM Macau and MGM Cotai, achieved the industry's strongest recovery in their mid-market business.
