MGM China leads gains among Macau casino stocks after strong quarter

Sands China

03/08/2023 05:49

** Shares of MGM China Holdings Ltd  2282.HK  lead gains in
Macau casino-related stocks, climb as much as 6.3% to HK$10.80,
their highest since July 31
    ** Stock on course for the biggest one-day pct rise since
April 17, if gains hold
    ** MGM China's controlling shareholder MGM Resorts  MGM.N 
beat Wall Street profit estimates for the second quarter on
Wednesday, as visitor rebound in China surpassed pre-pandemic
levels with adjusted property EBITDAR for MGM China up 21% in
the quarter over 2019 levels
    ** MGM China posts net revenue of $741 mln in the second
quarter, compared with $143 mln in the year-ago period, with
adjusted property EBITDAR at $209 mln as compared to adjusted
property EBITDAR loss of $52 mln a year ago 
    ** Jefferies says recovery at MGM China is above
expectations
    ** Citi maintains "buy" rating on MGM China and raises TP to
HK$14 from HK$13, saying 2Q23 results beat 
    ** Rivals gain with SJM  0880.HK , Galaxy Entertainment
 0027.HK , Melco International  0200.HK , Sands China  1928.HK 
and Wynn Macau  1128.HK  up between 1.6% and 5.1% 
    ** Hang Seng Commerce & Industry Index  .HSNC  slips 0.03% 
and Hang Seng Index  .HSI  eases 0.1%


 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))