Citigroup: MGM China's first quarter property EBITDA beats expectations, maintains "buy" rating.

Zhixin Finance APP learned that Citibank released a research report stating that it maintains a "buy" rating on MGM China (02282.HK) with a target price of 17.3 Hong Kong dollars unchanged, and expects its new gaming and non-gaming facilities to help MGM China defend its market share in the 2026 fiscal year. MGM China's property EBITDA in the first quarter reached 2.458 billion yuan, a 4% year-on-year increase, which was 5% to 6% higher than the bank's and market expectations, mainly due to effective control of operating expenses by management. Although the VIP win rate at MGM Macau is significantly lower than normal levels (only 0.6%), the property EBITDA profit margin in the first quarter remains stable at 28%.