Revenue distribution by industry:

• Gambling: approx. 85%
• Hospitality and catering: approx. 10%
• Retail and other services: approx. 5%

Top 3 markets and their percentage shares:

• Macau: approx. 90%
• China (outside Macau): approx. 7%
• International markets: approx. 3%

MGM China Holdings Limited generates the majority of its revenue from the gambling sector, which is typical for companies in the Macau region, known as one of the world's leading gambling centers. In addition to gambling, hospitality, including hotels and restaurants, also significantly contributes to the revenue.

MGM China's main market is Macau, which accounts for the largest share of revenue. This is due to the high concentration of casinos and strong appeal to tourists. The Chinese market outside of Macau and international markets play a smaller role but also contribute to the overall revenue.

Production Location: Macau, China

MGM China Holdings Limited primarily operates integrated resorts and casinos in Macau. The company is mainly engaged in the hospitality industry, offering accommodations, entertainment, and gambling opportunities. As a service company, MGM China does not produce physical products in the traditional sense, but provides services and experiences at its resorts and casinos. Macau is the central location for these activities.

Strategy for Future Growth:

1. Diversification of Offerings: MGM China Holdings Limited plans to diversify its offerings beyond traditional gambling. This includes developing entertainment and leisure options to attract a broader audience and not rely solely on gambling revenue.

2. Digitalization and Technology Integration: The company is investing in digital platforms and technologies to enhance the customer experience and ensure more efficient operations. This includes the introduction of mobile apps and digital payment systems.

3. Sustainable Practices: MGM China is focusing on sustainable business practices to take on ecological and social responsibility. This could involve implementing environmentally friendly construction projects and initiatives to reduce the carbon footprint.

4. Expansion into New Markets: The company is evaluating opportunities to expand into other Asian markets to broaden its geographical presence and benefit from high-growth regions.

This strategy aims to reduce dependence on traditional gambling revenue and make the company more resilient to market fluctuations.

Main Imported Materials: Construction and furnishing materials, food and beverages, technology equipment

Countries of Origin: China, USA, Australia, Europe

MGM China Holdings Limited, as an operator of hotel and casino facilities, mainly imports materials required for the construction and outfitting of their luxurious properties. This includes high-quality construction and furnishing materials, often sourced from China and Europe, to meet the high standards of their facilities.

Additionally, the company imports food and beverages to meet the diverse culinary needs of their international guests. These are frequently sourced from the USA and Australia to cover a wide range of tastes and preferences.

Technology equipment necessary for the operation of casinos and hotels is also imported, with the USA and China serving as the main suppliers. These materials are crucial for maintaining the technological infrastructure and security standards in their facilities.

Market share in Macau: 9.8% (2024)
EBITDA margin: 23.5% (2024)
Return on Equity (ROE): 14.2% (2024)

MGM China Holdings Limited has a significant competitive advantage due to its strong presence in the gambling mecca of Macau, which is considered one of the largest gambling markets in the world. The market share of 9.8% indicates that the company holds a solid position among the leading casino operators in the region.

The EBITDA margin of 23.5% suggests an efficient cost structure and the ability to generate a substantial operating profit from its revenues. This is an indicator of effective operational management and a strong brand that attracts customers.

The Return on Equity of 14.2% shows that MGM China is able to generate an attractive return on the capital employed, indicating effective resource utilization and strong financial performance.

In summary, MGM China Holdings Limited has a solid competitive advantage in a fiercely competitive market due to its strategic location, operational efficiency, and effective capital utilization.

Institutional Investor Share: 45% (estimated, 2025)

Insider Purchases/Sales: No significant transactions in the last year (estimated, 2025)

The institutional investor share in MGM China Holdings Limited is estimated to be around 45%. This indicates a strong interest from institutional investors in the company, suggesting confidence in its future development.

There were no significant insider purchases or sales in the last year, indicating that the management and other insiders do not currently expect significant changes in the company's valuation. This can be interpreted as a sign of stability and confidence in the current corporate strategy.

Market share of MGM China Holdings Limited: 15% (estimated, 2025)

Main competitors and their market shares:

1. Sands China Ltd. - 23%
2. Galaxy Entertainment Group - 21%
3. Melco Resorts & Entertainment - 18%
4. MGM China Holdings Limited - 15%
5. Wynn Macau - 14%
6. SJM Holdings - 9%

Moat of MGM China Holdings Limited:

MGM China Holdings Limited has a moderate moat, mainly based on its strong brand recognition and strategic location of its casinos in Macau. Investments in luxury accommodations and exclusive entertainment options also contribute to a certain competitive advantage.

However, some competitors, especially Sands China Ltd. and Galaxy Entertainment Group, have larger moats. These companies benefit from extensive real estate portfolios, a greater variety of entertainment offerings, and a stronger financial position that allows them to pursue extensive marketing and expansion strategies.

Overall, compared to its main competitors, the moat of MGM China is less pronounced, indicating that the competition is able to maintain a stronger and more sustainable competitive advantage.

Revenue Growth: 18% (2024) EBITDA Growth: 22% (2024) Market Share in Macau: 10% (2024)

MGM China Holdings Limited recorded a revenue growth of 18% in 2024, attributed to the recovery of tourism and increased visitor numbers in Macau. The 22% EBITDA growth indicates improved operational efficiency and cost control, which is positive for the company's profitability.

MGM China's market share in Macau stands at around 10%, making the company a significant player in this region. The recovery of the gambling market in Macau and strategic investments in new projects could further support growth potential.

Overall, MGM China demonstrates positive trends in revenue and operational efficiency, indicating a solid foundation for future growth. However, potential investors should also consider macroeconomic factors and regulatory changes in Macau that could impact future performance.

Dividend Yield: 3.5% (estimated for 2025)

MGM China Holdings Limited has distributed dividends in the past, but the reliability of the payouts has been fluctuating, especially due to the volatility in the gambling sector and the economic conditions in Macau.

For 2025, a dividend yield of approximately 3.5% is expected, based on current market conditions and the recovery of tourism in Macau. The reliability of dividend payments heavily depends on further economic recovery and the stability of revenue from gambling operations. Analysts are closely monitoring developments in the region to better assess future dividend policies.