MGM China should report Adjusted EBITDA of around HK$2 billion (US$250 million) for the December 2024 quarter, representing a 5% quarter-on-quarter increase and continuing its post-COVID momentum, according to investment bank Jefferies.
Gross gaming revenue is also tipped to grow by 7% quarter-on-quarter to HK$8.5 billion (US$1.1 billion), outperforming market growth of 3% with the company again gaining market share at 15.8% – up from 14.8% in Q3 although lower than the 17.1% achieved in Q1.
In a note, Jefferies analysts Anne Ling and Jingjue Pei noted that the forecast 5% quarter-on-quarter growth in Adjusted EBITDA at a 27% margin would be slower than GGR growth due to more operating expenses. MGM China recently launched the Poly MGM Museum at MGM Macau as well as its Macau 2049 residency show at MGM Cotai.
