MGM Cotai Will Ramp Up Slower Due to Weak Macroeconomics
Narrow-moat MGM China is undervalued with an unchanged fair value estimate of HKD 20 per share. MGM China’s adjusted EBITDA margin improved to 26.3% from 23.5% in the third quarter as MGM Cotai ramped up faster. Adjusted EBTIDA was up 26% sequentially and 9% year over year. In the quarter, MGM China gained shares in VIP and mass segment, both year over year and sequentially. MGM China’s overall VIP revenue was up 18% year over year (up 3% for the market), up 19% sequentially (5% for the market),...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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