Slight Reduction in Mass Drop Sequentially; MGM Cotai Will Regain Demand for MGM China
Using the fourth quarter’s win rates in the three gaming segments, adjusted for gaming tax and junket commissions associated with the change in luck and credit collection, adjusted EBITDA margin in the first quarter for narrow-moat MGM China is 28.3% on our estimate, versus 31.0% in the fourth quarter. There was no obvious increase in expenses, and the respective margin decline is due to higher-margin in-house VIP business playing less luckily compared with the fourth quarter. Morningstar sees t...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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