Fourth Quarter Adjusted EBITDA at MGM China Beat on Better Luck; Gaming Performance Weaker
Revenue at narrow moat-rated MGM China in the quarter missed our estimate by 2% and was flat both year over year and sequentially. Underlying gaming segment performance, that is, VIP turnover, mass win, and slot handle were worse than our expectations. In addition to construction disruption and lower hold rate in the mass segment, we suspect the weaker performance is also due to Wynn Macau Limited moving some tables back to Wynn Macau in peninsula and new casino resorts creating more competitive...MGM China Holdings is an investment holding company. Through its subsidiaries, Co. is engaged in the development and operation of casino games of chance and other casino games and the related hotel and resort facilities in Macau. Co. operates in one business segment, being the management of casino, hotel and food and beverage operations.
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