美高梅中国2025 中期报告

MGM China Holdings Limited (Incorporated in the Cayman Islands with limited liability)Stock Code2282 William Joseph HornbuckleJohn M. McManus • Herbert Smith Freehills Kramer1523 Daniel J. TaylorAyesha Khanna MolinoJonathan S. Halkyard MdME40921 Russell Francis Banham P.O. Box 31119Grand Pavilion, Hibiscus Way802 West Bay Road, Grand Cayman, KY1-1205Cayman Islands Russell Francis BanhamAyesha Khanna MolinoJonathan S. Halkyard — Russell Francis BanhamDaniel J. Taylor 16 2001402 Russell Francis BanhamJohn M. McManusAyesha Khanna Molino 183171712-1716 Vistra (Cayman) LimitedP.O. Box 31119Grand Pavilion, Hibiscus Way802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands Antonio Jose Menano William Joseph HornbuckleAntonio Jose Menano https://cn.mgmchinaholdings.com 2282 •2025630166.6102.7%•20256302024630EBITDA49•202563016.2%202463016.5%2024123115.8%•202463020256302.1%150.7402.6%318.9662.0%282.074•202463020256302.7%24.40043.2%23.0%116.317590.045•202463020256300.9%10.8793.5%23.2%149.625173.351•202563023.83311.3% 201163MRIH55.95%22.49% 20231120321231107501,700 200712202563023,28398533520256305851,600252025LED 2018213202563024,54998941520256301,4182,8702049 2025 61820255.13140.274 2025 2025415234.02030415202520254222025 ———+— ———— ———— 19719118017591% 20232049 2025202471.6%69.0% 2025630202414.9%19.3%202563020244.4%1,153 —10 —24 — — — — 202563030202563016.2%202463016.5%2024123115.8% 202563087% 200712202563058546899182018220256301,4181,2489916282781,600122,870 2025 Dale Chihuly2024112202450 30028 204920241215 LEDSHOWSHOWLED LED2025— EBITDA EBITDA EBITDAEBITDAEBITDAEBITDA EBITDA20252024630 20256302024630 20252024630 2025630166.6102.7% 202463020256303.1%145.967 202463020256302.1%150.7402.6%318.9662.0%282.074 202463020256302.7%24.40043.2%23.0%116.317590.045 202463020256300.9%10.8793.5%23.2%149.625173.351 202563020246300.4%20.643 20252024630 202563020246302.1%73.9652025630 2025630202463016.6%6.284 202463020256308.8%24.8032024630 202563020246303,180113.4%6,80020256301.37220246307,6106,92020246304,430 202563020246300.9%16.969 20246307.1982.9%20256307.404 2.9%20246302.99120256303.077 202563020246309.4%10.0782024 20246308.38620256307.932 •4,020202463028.1202563022.76.7%4.7%•20243201,300 202463070020256302.070 202463026.855202563023.833 202563055.2170.0 202563020241231 (1)20202022COVID-1920256302024123120191231COVID-1956.0% 20252024630 202563044.648202463042.568 20256308.82120246305.645 20256308.826 20246305.652 202563033.827202463027.074 2025630 •39.2442025•7.695•3.1902025•9.534•26.900 2024630 •58.7312024•8.080•13.196•16.200•203139.060 20256309.787202412319.787 9.709202412319.709 ••40020241231400•602024123160•32020241231320 2025630202412317.0046.800 201951615.07.505.375%20245157.505.875%20265152024202620191115515111520245152024 20206185.005.25%2025618202520201218618121820256182025 20213317.504.75%202721202720222 12181 20246265.007.125%20316262031202412266261226 202420262019516U.S. Bank National Association202520272031202061820213312024626Wilmington Savings Fund Society, FSB (1)(2) 101%(1)193413(d)(3)(2)(3)193413(d)(3)50%(4)60%60% 100%101060 2025 2025415234.02030415202520254222025 20251.625%2.75% 20256 302025170.020304 15203041520256302.00% 2025 20254.51.02.51.0 20256302025 202550% 2025 2025 97.558.520265152026515 20254222025 2022111020236297.5058.920241110 20243207.5058.9202412315504,2702025318 2020252024630 202520252024630 202563013,5562024123113,327 •— •— •— •— 2011 2013228202532050% 2025522202412310.2519.5342025612 2025870.31311.894202563049.9%20258222025932025822 2025630XVXV78352 (1)(2)Grand Paradise Macau Limited(3)3,355,200(4)15,000,000(5)3,000,000(6)B97.4%15%B1(7)2005(8)Emerging Corporate Limited(9)William Joseph Hornbuckle19,022(10)William Joseph Hornbuckle262,182(11)William Joseph Hornbuckle11(12)William Joseph Hornbuckle487,6221.6(13)William Joseph Hornbuckle121.6(14)(15)William Joseph Hornbuckle(16)John M. McManus58,880 (17)John M. McManus1(18)John M. McManus109,7161.6(19)John M. McManus21.6(20)John M. McManus(21)Daniel J. Taylor79,484(22)Daniel J. Taylor57,337(23)Daniel J. Taylor6,675(24)Daniel J. Taylor3,442(25)Ayesha Khanna Molino20,518(26)Ayesha Khanna Molino24,6831.6(27)Ayesha Khanna Molino0.51.6(28)Ayesha Khanna Molino(29)Ayesha Khanna Molino(30)Jonathan S. Halkyard9,256(31)Jonathan S. Halkyard67,157(32)Jonathan S. Halkyard1(33)Jonathan S. Halkyard134,0981.6(34)Jonathan S. Halkyard31.6(35)Jonathan S. Halkyard 2025630XV(i)XV78(ii)352(iii) 2025630336 (1)MRIHMGM International, LLCMGM International, LLCMGM International, LLCMRIH2,126,100,001 (2)Grand Paradise Macau LimitedGrand ParadiseMacau Limited474,561,200 2025630XV23336 D2402024D232 20112020 (i) (ii) (iii) 2011 201151120167282017524201120111.16 7112017420201120215102011201120112011 2025630201122,718,200 2020 20205282020201120202020202020202020 202032,213,350 20256302011202054,931,5501.4% 2020380,000,00020205282020