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Macau casino and resort operator, the joint venture between MGM Resorts International and Pansy Ho.
Macau casino and resort operator, the joint venture between MGM Resorts International and Pansy Ho.
Earns most from tables and slot machines on its two Macau properties, where the government takes a large tax cut of gaming revenue, with hotel, dining and shops as a smaller extra. Its operating right comes from a licence granted for ten years from 2023. MGM Resorts International holds the majority, with Pansy Ho a significant minority holder.
Moat: narrow (regulatory licence, brand). One of six licensed Macau gaming concessionaires; a scarce, government-controlled licence.
Headquarters: Macau, China · Founded: 2007 · Employees: 13,793
Size MGM China (2282.HK) is a Hong Kong Consumer Discretionary company (Casinos/Gaming) with a market value of $4.85B, the 258th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$10.01 on 6 Nov 2026.
Performance Over six months the shares fell 12.3%, against -13.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 9th highest of 18 in its peer set.
Growth Revenue grew 11.0% over the last twelve months (peer median +3.1%); the operating margin is 30.9% (peer median 16.3%).
Valuation It trades at 9.3× forward earnings against a peer median of 12.0× (3rd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +48%, so the hurdle is -52 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 18.9 points above its cost of capital (9.5% WACC).
Credit MGM China has 1 bond outstanding ($750M), rated B+ by the agencies and trading like BB- at a weighted spread of 292 bp.
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$19.8B | HK$19.4B | HK$17.5B | HK$13.9B | HK$2.97B |
| Revenue growth | — | +11% | +26% | +368% | — |
| Gross profit | HK$10.5B | HK$10.7B | HK$9.83B | HK$7.24B | -HK$2.45B |
| EBITDA | HK$8.42B | HK$8.89B | HK$8.07B | HK$6.45B | -HK$1.56B |
| Net income | HK$4.59B | HK$5.07B | HK$4.60B | HK$2.64B | -HK$5.23B |
| Free cash flow | HK$5.36B | HK$5.74B | HK$5.52B | HK$6.16B | -HK$3.98B |
| Capital expenditure | HK$1.29B | HK$1.57B | HK$1.52B | HK$416M | HK$304M |
| Total debt | n/a | HK$19.2B | HK$23.1B | HK$24.3B | HK$32.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MGM China 2282.HK | $4.85B | -12% | +11% | 31% | 9.3× | -3.1% |
| Sands China 1928.HK | $11.4B | -30% | +9% | 26% | 12.9× | 2.5% |
| Wynn Macau 1128.HK | $2.99B | -24% | +9% | 29% | 8.7× | -2.4% |
| Galaxy Ent 0027.HK | $19.4B | +8% | +8% | 32% | 14.2× | 2.8% |
| SJM 0880.HK | $974M | -49% | -16% | 6% | n/a | n/a |
| Melco Resorts & Entertainment Ltd. Sponsored ADR MLCO | $1.79B | -16% | +6% | 12% | 7.5× | -6.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2282.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.7% | +2.3% | 7th highest of 18 |
| 6-month return | -12.3% | -13.2% | 9th highest of 18 |
| Distance from 52-week high | -41.5% | -36.8% | 5th lowest of 18 |
| Revenue growth (TTM) | +11.0% | +3.1% | 4th highest of 18 |
| Operating margin | 30.9% | 16.3% | highest of 18 |
| Forward P/E | 9.3× | 12.0× | 3rd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -3.1% | 2.1% | 3rd least demanding of 15 |
| Growth delivered (Del g) | +48.5% | +24.8% | highest of 15 |
| Hurdle (Req g minus delivered) | -51.6 pp | -19.5 pp | least demanding of 15 |
| ROIC minus cost of capital | +18.9 pp | +6.5 pp | 3rd highest of 18 |
| EV / EBITDA | 6.2× | 8.2× | 4th cheapest of 17 |
| Net debt / EBITDA | 1.7× | 3.1× | 5th least indebted of 18 |
| Bond spread | 292 bp | 189 bp | 2nd widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MGM China 2282.HK | Hong Kong | $4.85B | -12% | +11% | 31% | 9.3× | -3.1% | +48.5% |
| FDJ United FDJU.PA | France | $4.49B | -5% | +3% | 15% | 10.6× | -2.8% | +13.9% |
| Boyd Gaming BYD | United States | $5.41B | -11% | 0% | 19% | 10.1× | n/a | n/a |
| Super Group (SGHC) SGHC | United States | $5.77B | -13% | +14% | 23% | 11.7× | -0.2% | +16.6% |
| Entain ENT.L | United Kingdom | $4.05B | -11% | 0% | 11% | 8.9× | 3.2% | +8.1% |
| Caesars Entertainment CZR | United States | $5.96B | +4% | +3% | 17% | n/a | 5.8% | +25.9% |
| Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh LNW.AX | Australia | $6.22B | +1% | 0% | 27% | 9.4× | -8.5% | +15.8% |
| Lottomatica LTMC.MI | Italy | $7.17B | +4% | +4% | 21% | 15.4× | -1.4% | +42.7% |
| Wynn Macau 1128.HK | Hong Kong | $2.99B | -24% | +9% | 29% | 8.7× | -2.4% | +31.1% |
| MGM Resorts MGM | United States | $8.18B | -17% | +3% | 6% | 24.0× | 16.0% | +27.7% |
| Rush Street Interactive RSI | United States | $2.83B | -56% | +39% | 11% | 16.9× | 13.5% | +32.4% |
| Wynn Resorts WYNN | United States | $8.56B | -19% | +6% | 16% | 20.8× | 1.7% | +27.8% |
| PENN Entertainment PENN | United States | $2.34B | +4% | +6% | 6% | 12.3× | 15.2% | +14.2% |
| Kangwonland 035250.KS | South Korea | $2.13B | -16% | +2% | 15% | 11.0× | n/a | n/a |
| Sands China 1928.HK | Hong Kong | $11.4B | -30% | +9% | 26% | 12.9× | 2.5% | +34.0% |
| Brightstar Lottery BRSL | United States | $1.82B | -24% | +1% | 25% | 15.2× | n/a | n/a |
| Flutter Entertainment FLUT | United States | $14.2B | -19% | +12% | 2% | 14.3× | 26.3% | +23.7% |
| Betsson BETS-B.ST | Sweden | $1.34B | +10% | 0% | 14% | 10.4× | -18.0% | +15.7% |
MGM China has 1 bond outstanding with $750M face value. The agencies rate it B+; its bonds trade like BB-. Weighted yield 7.64%, a spread of 292 bp over government bonds.