Glonghui, Feb. 18 | Jefferies published a research report showing that MGM China's adjusted EBITDA increased 16% quarterly to HK$2.19 billion in the fourth quarter of last year, higher than market expectations of HK$1,964 billion, a new quarterly high. Market shares for the full year of 2023 and the fourth quarter reached 15.1% and 16.3%, respectively, which also reached record highs. Jefferies added that MGM China's profit and market share reached new highs last quarter, exceeding market expectations, and the growth trend continued until 2024. The gaming business volume during the Lunar New Year period has surpassed pre-pandemic levels, reflecting a relatively strong start in 2024. Gaming revenue in January reached the second highest level since the pandemic, and the number of visitors during the Lunar New Year period also exceeded expectations. The bank believes that the fundamentals of the industry will continue to strengthen, and is optimistic that MGM's market share in China will continue to expand. Accordingly, the investment rating will be upgraded from “hold” to “buy”, and the target price will be raised from HK$9.4 to HK$15.3. Jefferies currently predicts that gambling revenue will increase by 28% and 2% year-on-year this year and next two years, to an average of 640 million and MOP 656 per day, or a return to 80% and 82% in 2019.