MGM China Posts Record H1 Revenue of HK$17.4B on Macau Recovery
MGM sits 58% above its 52-week low of $29.185.
Summary
MGM China, a key subsidiary of MGM Resorts, reported record first-half revenue of HK$17.40 billion, driven by a 5% increase in daily gross gaming revenue and a 7% rise in property visitation. The results underscore Macau's ongoing recovery and MGM China's market share gains. The company also completed the acquisition of MGM Asia Pacific Limited, expanding its hotel management footprint in mainland China, and announced plans to renovate about 100 suites at MGM MACAU to enhance its competitive positioning. This follows MGM Resorts' Q2 beat yesterday, but adds granularity on the Macau segment's performance and strategic initiatives. The strong H1 print and expansion moves could support upward revisions to MGM Resorts' consolidated estimates.
At the time of this announcement, MGM was trading at $46.00 on NYSE in the Trade & Services sector, with a market capitalization of approximately $11.7B. The 52-week trading range was $29.19 to $51.59. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.