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MGM China Holdings Ltd 02282

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Morningstar’s Analysis

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MGM China's EBITDA Falls in Q3; Management Is Confident on Upcoming License Renewal

Jennifer Song Senior Equity Analyst

Analyst Note

| Jennifer Song |

In line with its Macao gaming peers, MGM China posted sluggish third-quarter results on limited market activity. Net revenue fell 7.1% quarter on quarter to USD 289 million, and adjusted EBITDA declined 18.5% quarter on quarter to USD 7 million, due to tightened COVID-19 restrictions in Macao. And MGM China’s focus on the premium mass segment has seen the company gain market share to 13.8% of total gross gaming revenue, or GGR, in Macao, up from 11.2% in prior quarter. The results were largely within expectations, and we maintain our fair value estimate of HKD 8.60 per share for MGM China. We think the shares are undervalued.

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Company Profile

Business Description

MGM China is one of six casino licenseholders in Macao. Its MGM Macau casino, in the Macau Peninsula, has 317 gaming tables and 582 hotel rooms, while its new casino complex, MGM Cotai, which opened in February 2018, has 259 gaming tables and over 1,300 rooms.

Avenida Dr. Sun Yat Sen, Edificio MGM MACAU NAPE
Macao, Macao
T +853 88067811
Sector Consumer Cyclical
Industry Resorts & Casinos
Most Recent Earnings
Fiscal Year End Dec 31, 2020
Stock Type
Employees 10,065