美高梅中国2025年年报

2361122547698 149155156158159161269 270 Herbert Smith Freehills1523 William Joseph HornbuckleJohn M. McManus MdME40921 Daniel J. TaylorAyesha Khanna MolinoJonathan S. Halkyard P.O. Box 31119 Grand Pavilion, Hibiscus Way802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands Russell Francis Banham Russell Francis Banham Ayesha Khanna MolinoJonathan S. Halkyard 162001402 Russell Francis BanhamDaniel J. Taylor 183171712-1716 Russell Francis BanhamJohn M. McManusAyesha Khanna Molino Vistra (Cayman) Limited P.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 •20251231347.87510.8%•20251231EBITDA10010.4%•2025123116.1%15.8%•202412312025123110.2%315.1001.1%14.2%567.082667.653•202412312025123119.5%48.37424.2%10.1%255.2021,035.340•20241231202512313.3%22.9633.1%26.5%302.659378.515•20241231202512315.2%43.157•2025123150.74810.2% 2025 14%58,0001231111,00011%3482025EBITDA10%10028.8% 202515%4,0009%2,470201985% 202415.8%16.1% 2025 202528 111002,0002025iF 20492025IP30% 21 20255,80031,000 826,000+ 90%13,700 2026 20251,149,00083 6320235200561Grand Paradise Macau LimitedNew Corporate Enterprises LimitedBright Elite HoldingsLimited2017199920212023Estoril-Sol, SGPS, SAAssociation Culturelle France-Hong Kong2018102025720131120251220146201592025112015720201020199University of Santa Clara William Joseph Hornbuckle682023520091116Hornbuckle2020729Hornbuckle20122019HornbuckleVici PropertiesMGM GrowthPropertiesCityCenterThe Cosmopolitan of Las VegasHornbuckleT-Mobile ArenaHornbuckleBetMGMHornbuckleM Life RewardsHornbuckleMandalay BayMGMGrand Las VegasHornbuckleHornbuckleT-Mobile ArenaAEG(NHL)2016Clark County Stadium Authority BoardNFLNFL(the Raiders)20212017(WNBA)the AcesHornbuckleCaesars Palace(Laughlin) Golden NuggetTreasure Island1989The MirageCityCenter JVDubai World(U.S. Travel and TourismAdvisory Board)HornbuckleThree Square Food BankFulfillment FundHornbuckleGBankGBank Financial HoldingsHornbuckleWendy(University of Nevada, Las Vegas (UNLV))HornbuckleUNLV John M. McManus59McManus20229McManus201072022920091220107200992009122008720099McManus2001520087McManus2016320224MGM Growth PropertiesMcManus(Vanderbilt University)(University of Miami) 67201520251114252026130640ZBA20216202352009SOCAM DevelopmentLimitedShui On Construction and Materials Limited983242Platinum Holdings Company LimitedJardine FlemingSecurities Limited 5520251219201852420206222023720201852420191112001200720092017MGM International Operations Daniel J. Taylor6920203262020528200720147Light Efficient DesignTADD LLCLEDTaylor2016420224MGM GrowthProperties LLCTaylor20072019TracindaTaylor2005420061Metro-Goldwyn-Mayer Inc.MGM Studios1998620054MGM Studios19851991MGM/UA Communications Co.MGM Studios19781985Arthur Andersen & Co.2005102007Inforte Corp.Taylor2009520128Delta PetroleumCorporation2008220128TaylorCentral Michigan University Ayesha Khanna Molino452020862020115Molino20261MolinoAria and VdaraMolinoMolinoHarry Reid201110201612Harry ReidMolino20072011Max Baucus20052007MolinoUniversity of California, Riverside)(TheGeorge Washington University Law School) Jonathan S. Halkyard61202162920211HalkyardExtended Stay America,Inc.20139201912Extended StayAmerica, Inc.HalkyardNV Energy, Inc.Halkyard2005720125Caesars Entertainment, Inc.Halkyard20111020216Dave & Buster’s Entertainment, Inc.20206Shift4 Payments, Inc.HalkyardColgate UniversityInternational Center for Responsible Gaming 5920113162011316202152720215272023620227M Plus Museum Limited (M +PattiWong & Associates202562022122004Diacore2005121990London School of Economics1991London University Russell Francis Banham72201411BanhamEureka Group Holdings Limited20235National Atomic Company Kazatomprom(Audit and Risk Management Committee of the Queensland Audit Office)20258Banham2014Deloitte CIS201120072011Deloitte CIS20022007Banham1974198419841985198520022016BanhamUniversity of New South Wales 6820191292021527Ridgeview VCC20214120236201751202063019968Freshfields19901996Cleary Gottlieb Steen & Hamilton201210201742000420129Herbert Smith199810Carnegie Mellon UniversityNationalAssociation of Corporation DirectorsCERTBordeaux University 7520215271996320231242020STT Communication LimitedOUE Commercial REIT Management Pte.Ltd.Constellar Holdings Pte. Ltd2018202011 55 Antonio Jose Menano63200591MenanoMenanoUniversity of Coimbra 462007(University of Nevada, Las Vegas) 582009720032008 Iwan Dietschi60Ritz-CarltonMarriottInternational2620219DietschiDietschi141820DietschiEcole Hôtelière deLausanne20122018College of Management and Technology at Walden University (USA)2021Mastering Hospitality 頴462009120198 頴482017720492009Conde Group 20231120321231107501,700 201163MRIH55.95%22.49% 2025LED 2007122025123123,2831,0443455951,600 2049 20182 132025123124,5491,0014051,4182,870 — — ———+ — — — 19719118017591% 20232049 — — — — 20251231202414.7