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2Q26 First Take: Mixed / a Push - Regions shine, Vegas boosted by hold, Macau miss

发布日期: 2026-07-30研究机构: Morgan Stanley公司 / 股票: MGM.N,WYNN.O,BYD.N,PENN.O,CZR.O,2282.HK,1128.HK,1928.HK,LVS.N报告页数: 10原文语言: English证据页码: 1

研报英文原文证据摘录

Update

July 30, 2026 03:36 AM GMT

Morgan Stanley & Co. LLCMMGM Resorts International | North America Stephen W Grambling

Equity Analyst

2Q26 First Take: Mixed / a Push Stephen.Grambling@morganstanley.comMorgan Stanley Asia Limited+ +1 212 761-1010

Praveen K Choudhary

Equity Analyst- Regions shine, Vegas boosted Praveen.Choudhary@morganstanley.com +852 2848-5068

Morgan Stanley & Co. LLCby hold, Macau miss Nicholas P DeValeria

Nick.DeValeria@morganstanley.com +1 212 761-1413

AlphaSignals Earnings Reaction

Molly Baum

Unchanged Modest shortfall Largely unchanged Equity Analyst

Impact to our thesis Financial results versus consensus Direction of next 12-month Molly.Baum@morganstanley.com +1 212 761-0378

consensus EPS

Source: Company data, Morgan Stanley Research MGM Resorts International (MGM.N, MGM US)

Gaming & Lodging | United States of America

Key Takeaways StockIndustryRatingView UnderweightIn-Line

Price target $43.00

2Q headline results beat driven largely by higher table hold in Vegas and Shr price, close (Jul 29, 2026) $45.83

strength in Regions; consolidated EBITDAR was a slight miss Mkt cap, curr (mm) $22,408

52-Week Range $51.54-29.19

Vegas was above expectations on high hold, with EBITDAR +3% yoy (down high

single digit % hold adj). Regions beat w/ EBITDAR -9% y/y (flat ex-Northfield).

Macau saw mass market GGR share up modestly -- mass table share up ~30bps

but EBITDA down ~15% y/y on higher opex.

Mgmt repurchased ~$165mn of stock during the quarter, below prior run-rate

amidst takeout talk.

Our take / implications: After weaker BetMGM results earlier this week, the

incremental news was a softer hold-adjusted Vegas along with higher opex in

Macau.

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