MGM China Holdings Ltd (2282 HK) - Multiples Overview

MGM China Holdings Ltd (2282 HK) - Adj Highlights
In Millions of HKD FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

12 Months Ending 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016
Market Capitalization 53,276.0 125,780.0 74,936.0 36,860.0 61,104.0
- Cash & Equivalents 7,381.4 7,884.8 4,232.2 5,421.1 3,547.1
+ Preferred & Other 0.0 0.0 0.0 0.0 0.0
+ Total Debt 3,983.0 4,049.2 4,118.2 11,732.0 14,708.6
Enterprise Value 49,877.7 121,944.4 74,822.0 43,170.9 72,265.5
Revenue, Adj 21,773.6 25,727.5 25,454.3 17,170.5 14,907.5

Growth %, YoY 7.3 18.2 -1.1 -32.5 -13.2
Gross Profit, Adj — — — — —
Margin % — — — — —
EBITDA, Adj 5,243.2 6,314.3 6,579.9 4,171.8 4,034.7
Margin % 24.1 24.5 25.8 24.3 27.1
Net Income, Adj 4,546.6 5,336.2 5,717.1 3,201.0 3,180.7
Margin % 20.9 20.7 22.5 18.6 21.3
EPS, Adj 1.20 1.40 1.50 0.84 0.84
Growth %, YoY 32.7 17.1 7.3 -43.9 -0.6
Cash from Operations 5,973.1 7,331.6 5,033.0 2,956.0 2,392.8

Capital Expenditures -1,039.2 -1,935.9 -2,753.8 -4,504.1 -6,186.9
Free Cash Flow 4,933.9 5,395.7 2,279.2 -1,548.1 -3,794.0
Source: Bloomberg
FY 2017 FY 2018 Current FY 2019 Est FY 2020 Est
12/31/2017 12/31/2018 01/24/2020 12/31/2019 12/31/2020
89,870.0 49,932.0 46,740.0
5,283.4 3,992.1 3,415.7
0.0 0.0 0.0
17,839.2 18,873.2 17,134.9
102,425.8 64,813.1 60,459.1
14,480.5 19,200.7 22,845.7 24,425.5

-2.9 32.6 21.5 19.0 6.9
— — 11,990.1 13,093.8
— — 52.5 53.6
4,093.2 4,276.5 5,879.1 6,404.1
28.3 22.3 25.7 26.2
2,909.7 1,682.0 2,254.3 2,928.9
20.1 8.8 9.9 12.0
0.76 0.44 0.60 0.78
-8.8 -42.3 35.8 30.7
6,646.3 1,441.2
-6,794.3 -2,861.7 -1,583.1 -1,191.6
-148.0 -1,420.5 3,568.0 4,470.5
MGM China Holdings Ltd (2282 HK) - Enterprise Value
In Millions of HKD except Per Share FY 2012 FY 2013 FY 2014 FY 2015
12 Months Ending 12/31/2012 12/31/2013 12/31/2014 12/31/2015
Market Capitalization 53,276.0 125,780.0 74,936.0 36,860.0
- Cash & Equivalents 7,381.4 7,884.8 4,232.2 5,421.1
+ Preferred Equity 0.0 0.0 0.0 0.0
+ Minority Interest 0.0 0.0 0.0 0.0
+ Total Debt 3,983.0 4,049.2 4,118.2 11,732.0
Enterprise Value 49,877.7 121,944.4 74,822.0 43,170.9
Total Capital 9,894.3 10,552.7 10,459.7 16,647.0

Total Debt/Total Capital 40.26 38.37 39.37 70.47
Total Debt/EV 0.08 0.03 0.06 0.27
EV/Sales 2.29 4.74 2.94 2.51

EV/EBITDA 9.55 19.32 11.39 10.57
EV/EBIT 11.25 22.00 12.97 13.16
EV/Cash Flow to Firm — 16.18 14.78 14.02
EV/Free Cash Flow to Firm — 21.77 32.39 —
Diluted Market Cap 53,276.0 125,927.1 75,053.4 36,860.1

Diluted Enterprise Value 49,877.7 122,091.5 74,939.4 43,171.0
EV per Share 13.13 32.09 19.69 11.36
Reference Items
Trailing 12 Month Values for Ratios
IFRS 16/ASC 842 Adoption No No No No
Sales 21,773.6 25,727.5 25,454.3 17,170.5
EBITDA 5,225.3 6,311.3 6,568.3 4,086.2
EBIT 4,431.8 5,543.6 5,768.7 3,280.5
Cash Flow To Firm — 7,538.6 5,063.9 3,079.1
Free Cash Flow To Firm — 5,602.7 2,310.1 -1,425.0
Source: Bloomberg
FY 2016 FY 2017 FY 2018 Current FY 2019 Est FY 2020 Est
12/31/2016 12/31/2017 12/31/2018 01/24/2020 12/31/2019 12/31/2020
61,104.0 89,870.0 49,932.0 46,740.0
3,547.1 5,283.4 3,992.1 3,415.7
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
14,708.6 17,839.2 18,873.2 17,134.9
72,265.5 102,425.8 64,813.1 60,459.1
21,925.3 26,351.6 27,819.0

67.09 67.70 67.84
0.20 0.17 0.29 0.28
4.85 7.07 3.38 2.82 2.65 2.48

18.67 29.92 18.08 12.99 10.28 9.44
23.32 39.03 45.17 27.03 19.42 16.15
29.63 15.41 — 31.90
-19.28 -691.95 — 204.51
61,105.0 90,083.1 50,079.2 46,800.9

72,266.5 102,638.9 64,960.3 60,520.1
19.02 26.95 17.06
No No No No
14,907.5 14,480.5 19,200.7 22,845.7 24,425.5
3,870.8 3,423.2 3,585.3 5,879.1 6,404.1
3,099.1 2,624.2 1,435.0 3,113.3 3,742.4
2,439.1 6,646.3 —
-3,747.8 -148.0 —
MGM China Holdings Ltd (2282 HK) - Multiples
12 Months Ending 12/31/2012 12/31/2013 12/31/2014 12/31/2015
P/E 11.78 23.64 13.15 11.83
Average 14.86 18.32 19.05 9.47
High 16.99 27.31 25.57 13.01
Low 11.70 12.05 13.15 5.98
P/Book 9.01 19.34 11.82 7.50

Average 11.04 14.02 15.59 8.50
High 12.62 20.89 20.92 11.70
Low 8.69 9.22 10.95 5.38
P/Tangible Book 10.67 22.03 13.20 8.42

Average 14.47 16.60 17.75 9.49
High 16.55 24.74 23.82 13.07
Low 10.67 10.92 12.47 6.01
P/Sales 2.45 4.89 2.94 2.15

Average 2.40 3.80 3.94 2.12
High 2.76 5.81 5.34 2.96
Low 1.88 2.46 2.72 1.30
P/Cash Flow 8.92 17.16 14.89 12.47

Average 7.90 13.86 13.85 10.72
High 9.03 20.68 18.56 14.74
Low 6.22 9.12 9.71 6.77
P/Free Cash Flow 10.80 23.31 32.88 —

Average 8.32 16.79 18.87 23.65
High 10.80 25.03 32.88 32.55
Low 6.54 11.04 13.20 14.96
EV/Sales 2.29 4.74 2.94 2.51

Average 2.33 3.65 3.79 2.11
High 2.67 5.52 5.14 2.91
Low 1.82 2.35 2.62 1.33
EV/EBITDA 9.55 19.32 11.39 10.57

Average 10.03 15.20 15.46 8.20
High 11.51 22.98 20.95 11.28
Low 7.83 9.78 10.68 5.17
EV/EBIT 11.25 22.00 12.97 13.16

Average 11.92 17.92 17.60 9.34
High 13.67 27.10 23.85 13.16
Low 9.31 11.53 12.15 5.89
Price/Share 14.02 33.10 19.72 9.70

High 14.76 33.30 36.15 19.80
Low 10.04 14.08 18.44 8.73

Average 47,324.0 79,498.0 97,560.8 53,748.3
High 54,253.7 121,944.4 132,204.4 74,062.0
Low 36,925.7 51,093.7 67,376.4 33,972.0
Source: Bloomberg
12/31/2016 12/31/2017 12/31/2018 01/24/2020 12/31/2019 12/31/2020
20.10 38.71 46.76 33.72 20.53 15.71
14.25 21.38 29.51
21.17 38.71 46.76
9.56 17.00 18.00
8.47 10.56 5.58 4.73 4.40 3.80

9.01 8.98 8.02
13.42 12.82 11.20
6.06 7.16 4.91
8.98 10.92 5.68 4.89

10.12 9.53 8.30
15.08 13.60 11.59
6.81 7.59 5.08
4.10 6.21 2.60 2.18 2.05 1.91

2.59 4.35 4.71
4.10 6.33 6.69
1.73 3.46 2.55
25.54 13.52 34.65 43.53 7.50 7.59

15.04 27.02 10.38
25.54 38.67 34.65
10.08 13.52 6.29
— — —
— — —
— — —
— — —
4.85 7.07 3.38 2.82 2.65 2.48

2.96 5.10 5.58
4.85 7.07 7.45
2.10 4.22 3.38
18.67 29.92 18.08 12.99 10.28 9.44

12.42 19.66 23.61
18.67 29.92 31.53
8.84 16.23 15.88
23.32 39.03 45.17 27.03 19.42 16.15

15.47 24.57 30.89
23.32 39.03 45.17
11.01 20.28 20.71
16.08 23.65 13.14 12.30

17.62 24.85 25.50 12.40
7.83 13.58 10.78 11.94
72,265.5 102,425.8 64,813.1 60,459.1

50,716.6 76,054.5 80,836.4
72,278.9 103,701.0 107,935.8
36,102.9 62,841.5 54,355.8
MGM China Holdings Ltd (2282 HK) - Per Share
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Basic Shares Outstanding 3,800.0 3,800.0 3,800.0 3,800.0
Diluted Weighted Avg Shares 3,800.0 3,800.0 3,804.4 3,806.0
Basic Weighted Avg Shares 3,800.0 3,800.0 3,800.1 3,800.1
Per Share Data Items

Revenue 5.34 5.73 6.77 6.70
EBITDA 1.24 1.38 1.66 1.73
Operating Income 1.04 1.17 1.46 1.52
Net Income to Common - Basic 0.86 1.19 1.40 1.50
Net Income before XO - Basic 0.86 1.19 1.40 1.50
Normalized Net Income - Basic 0.90 1.20 1.40 1.50
Net Income to Common - Diluted 0.86 1.19 1.40 1.50
Net Income before XO - Diluted 0.86 1.19 1.40 1.50
Normalized Net Income - Diluted 0.90 1.20 1.40 1.50
Dividends 0.00 0.00 0.49 0.53
Cash Flow 1.62 1.57 1.93 1.32

Free Cash Flow 1.54 1.30 1.42 0.60
Cash & Equivalents 1.47 1.94 2.07 1.11

Book Value 1.16 1.56 1.71 1.67
Tangible Book Value 0.89 1.31 1.50 1.49
Source: Bloomberg
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Est FY 2020 Est
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
3,800.0 3,800.0 3,800.0 3,800.0
3,800.0 3,800.1 3,809.0 3,811.2
3,800.0 3,800.0 3,800.2 3,800.2
4.52 3.92 3.81 5.05

1.08 1.02 0.90 0.94
0.86 0.82 0.69 0.38
0.82 0.80 0.61 0.28 0.59 0.77
0.82 0.80 0.61 0.28 0.59 0.77
0.84 0.84 0.77 0.44 0.60 0.78
0.82 0.80 0.61 0.28 0.59 0.77
0.82 0.80 0.61 0.28 0.59 0.77
0.84 0.84 0.76 0.44 0.60 0.78
0.25 0.28 0.21 0.10 0.25 0.33
0.78 0.63 1.75 0.38 1.64 1.62

-0.41 -1.00 -0.04 -0.37
1.43 0.93 1.39 1.05

1.29 1.90 2.24 2.35 2.80 3.23
1.15 1.79 2.17 2.31
MGM China Holdings Ltd (2282 HK) - Stock Value
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Last Price 10.16 14.02 33.10 19.72
Period-over-Period % Change — 37.99 136.09 -40.42
Open Price 15.34 10.26 14.08 33.15
High Price 18.20 14.76 33.30 36.15
Low Price 8.05 10.04 14.08 18.44

Current Shares Outstanding 3,800.00 3,800.00 3,800.00 3,800.00
Equity Float 778.43 819.34 819.34 819.34
Source: Bloomberg
FY 2015 FY 2016 FY 2017 FY 2018 Current
12/31/2015 12/31/2016 12/31/2017 12/31/2018 01/24/2020
9.70 16.08 23.65 13.14 12.30
-50.81 65.77 47.08 -44.44
19.80 9.66 15.70 23.05 12.28
19.80 17.62 24.85 25.50 12.40
8.73 7.83 13.58 10.78 11.94
36,860.0 61,104.0 89,870.0 49,932.0 46,740.0

3,800.00 3,800.00 3,800.00 3,800.00 3,800.00
819.34 819.34 819.34 819.34 819.34
MGM China Holdings Ltd (2282 HK) - GAAP
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Revenue 20,293.6 21,773.6 25,727.5 25,454.3
+ Sales & Services Revenue 20,293.6 21,773.6 25,727.5 25,454.3
Gross Profit — — — —
+ Other Operating Income 0.0 0.0 0.0 0.0
- Operating Expenses 16,326.2 17,341.8 20,183.9 19,685.6
+ Research & Development 0.0 0.0 0.0 0.0
+ Depreciation & Amortization 746.6 793.5 767.7 799.6
+ Prov For Doubtful Accts 115.2 52.9 -55.4 98.2
+ Other Operating Expense 15,464.4 16,495.4 19,471.6 18,787.7
Operating Income (Loss) 3,967.4 4,431.8 5,543.6 5,768.7
- Non-Operating (Income) Loss 229.6 310.9 195.2 46.0
+ Interest Expense, Net 172.1 145.9 183.0 18.3
+ Interest Expense 184.1 183.8 207.6 31.0
- Interest Income 11.9 38.0 24.5 12.6
+ Foreign Exch (Gain) Loss 1.2 -7.1 5.8 20.7
+ (Income) Loss from Affiliates 0.0 0.0 0.0 0.0
+ Other Non-Op (Income) Loss 56.3 172.2 6.3 6.9
Pretax Income 3,737.9 4,120.9 5,348.5 5,722.7
- Income Tax Expense (Benefit) 458.8 -410.0 15.0 15.8
+ Current Income Tax 0.0 48.8 15.0 15.8
+ Deferred Income Tax 458.8 -458.8 0.0 0.0
Income (Loss) from Cont Ops 3,279.1 4,530.8 5,333.5 5,706.9
- Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
+ Discontinued Operations 0.0 0.0 0.0 0.0
+ XO & Accounting Changes 0.0 0.0 0.0 0.0
Income (Loss) Incl. MI 3,279.1 4,530.8 5,333.5 5,706.9
- Minority Interest 0.0 0.0 0.0 0.0
Net Income, GAAP 3,279.1 4,530.8 5,333.5 5,706.9
- Preferred Dividends 0.0 0.0 0.0 0.0
- Other Adjustments 0.0 0.0 0.0 0.0
Net Income Avail to Common, GAAP 3,279.1 4,530.8 5,333.5 5,706.9
Net Income Avail to Common, Adj 3,427.3 4,546.6 5,336.2 5,717.1

Net Abnormal Losses (Gains) 148.2 15.8 2.7 10.2
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0

Basic EPS, GAAP 0.86 1.19 1.40 1.50
Basic EPS from Cont Ops 0.86 1.19 1.40 1.50
Basic EPS from Cont Ops, Adjusted 0.90 1.20 1.40 1.50

Diluted EPS, GAAP 0.86 1.19 1.40 1.50
Diluted EPS from Cont Ops 0.86 1.19 1.40 1.50
Diluted EPS from Cont Ops, Adjusted 0.90 1.20 1.40 1.50
Reference Items
Accounting Standard IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS
EBITDA 4,714.0 5,225.3 6,311.3 6,568.3
EBITDA Margin (T12M) 23.23 24.00 24.53 25.80
EBITA 4,094.3 4,559.0 5,670.5 5,895.6
EBIT 3,967.4 4,431.8 5,543.6 5,768.7
Operating Margin 19.55 20.35 21.55 22.66
Profit Margin 16.16 20.81 20.73 22.42
Current Profit — — — —
Sales per Employee 3,498,901.21 3,840,139.68 4,244,063.51 4,172,151.45
Dividends per Share 0.00 0.00 0.49 0.53
Total Cash Common Dividends 3,100.0 3,873.8 5,735.8 5,095.8
Capitalized Interest Expense — — 82.1 230.4
Personnel Expenses 1,385.4 1,483.7 1,666.2 1,904.6
Depreciation Expense 619.7 666.3 640.8 672.7
Rental Expense 25.1 28.8 30.6 30.9
Source: Bloomberg
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
17,170.5 14,907.5 14,480.5 19,200.7 22,845.7 24,425.5
17,170.5 14,907.5 14,480.5 19,200.7
— — — — 11,990.1 13,093.8
0.0 0.0 0.0 0.0
13,889.9 11,808.4 11,856.3 17,765.7
0.0 0.0 0.0 0.0
805.7 771.7 799.0 2,150.3
186.3 -47.4 -42.1 51.3
12,898.0 11,084.0 11,099.4 15,564.2
3,280.5 3,099.1 2,624.2 1,435.0 3,113.3 3,742.4
151.4 47.5 -14.3 662.1
111.7 40.0 -5.0 642.2
123.8 46.5 0.0 654.3
12.1 6.5 5.0 12.1
18.0 0.7 -16.5 6.3
0.0 0.0 0.0 0.0
21.7 6.8 7.3 13.5
3,129.1 3,051.6 2,638.5 772.9 2,308.0 2,976.1
16.6 15.1 318.3 -295.6
16.6 15.1 1.1 21.5
0.0 0.0 317.1 -317.1
3,112.5 3,036.5 2,320.2 1,068.5 2,232.8 2,883.6
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
3,112.5 3,036.5 2,320.2 1,068.5
0.0 0.0 0.0 0.0
3,112.5 3,036.5 2,320.2 1,068.5 2,232.8 2,883.6
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
3,112.5 3,036.5 2,320.2 1,068.5 2,232.8 2,883.6
3,201.0 3,180.7 2,909.7 1,682.0 2,254.3 2,928.9

88.5 144.2 589.5 613.5
0.0 0.0 0.0 0.0
3,800.0 3,800.0 3,800.2 3,800.2

0.82 0.80 0.61 0.28 0.59 0.77
0.82 0.80 0.61 0.28 0.59 0.77
0.84 0.84 0.77 0.44 0.60 0.78
3,800.0 3,800.1 3,809.0 3,811.2

0.82 0.80 0.61 0.28 0.59 0.77
0.82 0.80 0.61 0.28 0.59 0.77
0.84 0.84 0.76 0.44 0.60 0.78
IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS

4,086.2 3,870.8 3,423.2 3,585.3 5,879.1 6,404.1
23.80 25.97 23.64 18.67 25.73 26.22
3,407.4 3,226.4 2,751.1 1,561.9
3,280.5 3,099.1 2,624.2 1,435.0 3,113.3 3,742.4
19.11 20.79 18.12 7.47 13.63 15.32
18.13 20.37 16.02 5.56 9.87 11.99
— — — — 2,015.4 2,447.5
2,892,109.31 2,501,253.02 1,562,759.77 1,788,609.32
0.25 0.28 0.21 0.10 0.25 0.33
946.2 1,060.2 809.4 372.4
310.9 491.7 688.9 178.8
1,924.7 1,911.7 2,273.5 3,450.0
678.8 644.5 672.1 2,023.4
36.3 41.4 — —
MGM China Holdings Ltd (2282 HK) - As Reported
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Income Statement
Revenues
Casino/Gaming Revenues 7,455.9 12,126.8 19,974.6 21,454.5
Other Sales Revenue 271.2 307.9 319.1 319.1
Total Revenue 7,727.1 12,434.7 20,293.6 21,773.6
Operating Expenses
Salaries Wages and Employee Benefits 1,147.4 1,188.4 1,414.7 1,518.1
Depreciation and Amortization 793.1 777.8 746.6 793.5
Other Operating Expenses 1,393.7 1,967.7 3,348.2 3,481.3
Operating Income 364.2 2,020.6 3,967.4 4,431.8
Changes In Finished And Unfinished Goods — — — —
Taxes- Other Than Income Taxes-SGA 4,028.7 6,480.3 10,816.7 11,548.9
Total Operating Expenses — — — —
Non-Operating Expenses
Foreign Exchange -0.7 5.0 1.2 -7.1
Interest Income -0.3 -1.3 -11.9 -38.0
Income Tax Expense (Benefit) 0.7 0.3 458.8 -410.0
Income Before Income Taxes -166.5 1,566.3 3,737.9 4,120.9
Total Financial Costs 531.7 450.5 240.4 356.0
Profit After Taxation Before Minority — — — —
Earnings
Basic EPS — — — —
Diluted EPS — — — —
Basic & Diluted EPS — — 86.30 1.19
Net Income -167.1 1,566.0 3,279.1 4,530.8
Others
Partial Record Indicator n/a n/a n/a n/a
Comprehensive Income
Foreign Currency Translation Adjustmen — — — —
Total Comprehensive Income -167.1 1,566.0 3,279.1 4,530.8
Total Comprehensive Inc Including Minori — — — —
Reference Items
Salaries Wages and Employee Benefits — — — —
Provision For Doubtful Accounts 110.7 81.3 155.9 146.9
Depreciation and Amortization — — — —
Other Operating Expenses — — — —
Interest Expense 354.3 326.6 184.1 183.8
(Gain)/Loss On Sale of Assets — 31.4 93.8 17.9
Other One-Time Charges 4.8 31.4 168.5 17.9
Capitalized Interest 19.8 0.0 — —
Basic EPS — — — —
Weighted Avg. Shares - Basic — — — —
Diluted EPS — — — —
Weighted Avg. Shares - Diluted — — — —
Stock Based Compensation Expense — — 50.2 67.2
Basic & Diluted EPS — — 86.30 1.19
Weighted Avg. Shares - Basic & Diluted — — 3,800.0 3,800.0
Total Revenue 7,727.1 12,434.7 20,293.6 21,773.6
GL On Early Ext of Debt -Non-Op — — — —
Service Revenue — 206.7 232.9 254.0
Current Income Tax Expense (Benefit) 0.7 0.3 0.0 48.8
Deferred Income Tax Expense (Benefit) — — 458.8 -458.8
Effective Tax Rate - % — 12.00 12.00 12.00
ARDR Food and Beverage Costs 146.9 173.9 — 235.7
Final Dividend Per Share — — — —
Total Financial Costs — — — —
Interim Dividend Per Share — — — —
Other Employee Costs — — — —
Wages And Salaries — — — —
Directors Remuneration 0.0 0.0 29.3 34.4
Amortization Of Issuance Cost Of Debt — — — —
Total Fees Paid To Audit Firms 4.1 1.8 7.4 6.5
Weighted Avg NumberPotential Dilutive Shr — — — —
Interim Dividend Paid — — — —
Rental Expense 23.0 24.1 25.1 28.8
Other Financial Losses 197.2 123.9 56.3 172.2
Proposed Final Dividend — — — —
Provision For Doubtful Debts Written Back 12.5 — 40.7 94.1
Retirement Pension And Other Benefits — — — —
Staff Costs - Including Dir Emoluments 1,147.4 1,188.4 1,414.7 1,518.1
Amortization Of Land Right 19.2 19.2 19.2 19.3
Special Cash Dividend Paid — — 3,100.0 3,873.8
Other Sales Revenue 30.9 35.6 43.9 46.2
Hotel Room Revenues 102.2 101.2 86.2 65.1
Utility Expense 110.7 110.0 119.3 121.6
Special Dividend Per Share — — 81.60 1.02
Net Foreign Exch (Gain)Loss-Ordinary Acts — 5.0 1.2 -7.1
Supplies Expenses 82.9 95.9 101.0 107.3
Statutory Tax Rate - % 12.00 12.00 12.00 12.00
Advertising Expenses 199.3 335.3 502.5 588.4
Income Tax Exp - Change in Valuation Allo — — -0.1 0.0
Net Debt Cash 6,295.6 3,964.0 — —
ARDR Revenue Growth — — — —
Baseline for Comparable EBITDA — — — —
Other Effects for Comparable EBITDA — — — —
ARDR Comparable EBIT — — — —
ARDR Stock Based Compensation CF Pre — 0.0 50.2 67.2
EBITDA Adjusted (One Time Items) 1,179.3 2,830.8 4,933.0 5,310.4
Interest Expense - Borrowings 354.3 — — —
Non-Operating Profit/Loss Disp Fix Asset — — — —
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
25,412.4 25,137.9 16,841.6 14,606.1 13,557.4 17,176.1

315.1 316.4 328.9 301.4 923.1 2,024.7
25,727.5 25,454.3 17,170.5 14,907.5 14,480.5 19,200.7
1,695.8 1,943.9 1,965.6 1,949.2 2,324.2 3,505.8

767.7 799.6 805.7 771.7 799.0 2,150.3
3,706.4 3,552.5 2,488.9 1,815.8 1,216.3 2,257.4
5,543.6 5,768.7 3,280.5 3,099.1 2,624.2 1,435.0
359.9 386.7 324.0 273.1 302.7 653.8
13,654.1 13,002.9 8,305.8 6,998.6 7,214.1 9,198.4
— — — — — —
5.8 20.7 18.0 0.7 -16.5 6.3

-24.5 -12.6 -12.1 -6.5 -5.0 -12.1
15.0 15.8 16.6 15.1 318.3 -295.6
5,348.5 5,722.7 3,129.1 3,051.6 2,638.5 772.9
213.9 37.9 145.5 53.3 7.3 667.9
— — — — 2,320.2 1,068.5
— — — — 61.10 28.10
— — — — 60.90 28.00
1.40 1.50 0.82 0.80 — —
5,333.5 5,706.9 3,112.5 3,036.5 2,320.2 1,068.5
n/a n/a n/a n/a n/a n/a
— — — -1.9 2.6 -3.5

5,333.5 5,706.9 3,112.5 3,034.7 2,322.7 1,065.0
— — — 3,034.7 2,322.7 1,065.0
— — — 1,949.2 2,324.2 3,505.8

621.5 653.5 659.5 625.2 652.9 1,960.0
34.2 117.8 243.2 — — —
— 799.6 805.7 771.7 799.0 2,150.3
— — — — 234.7 297.0
223.5 192.4 272.0 375.8 519.8 695.5
— — — — — —
3.0 11.6 85.6 163.9 669.9 691.2
82.1 230.4 310.9 491.7 688.9 178.8
— — — — 61.10 28.10
3,800.1 3,800.1 3,800.0 3,800.0 3,800.2 3,800.2
— — — — 60.90 28.00
3,804.4 3,806.0 3,800.0 3,800.1 3,809.0 3,811.2
34.5 69.7 85.5 56.3 61.0 58.4
1.40 1.50 0.82 0.80 — —
— — — — — —
25,727.5 25,454.3 17,170.5 14,907.5 14,480.5 19,200.7
— — 14.9 — — 5.9
— — — — — —
15.0 15.8 16.6 15.1 1.1 21.5
0.0 — — — 317.1 -317.1
— — 12.00 — — —
— — — — — —
0.26 0.25 0.09 0.16 0.10 0.03
— — — 53.3 7.3 667.9
0.23 0.28 0.16 0.12 0.12 0.06
— — — — 50.7 55.8
— — — — 2,150.5 3,314.4
29.6 39.3 40.9 37.4 50.7 55.8
66.2 69.0 162.7 162.4 169.1 137.6
8.6 9.5 9.8 10.0 — —
4.3 5.9 0.0 0.0 8.8 11.0
874.0 1,064.0 592.8 452.2 440.8 243.2
30.6 30.9 36.3 41.4 — —
6.3 6.9 21.7 6.8 7.3 7.6
988.0 931.0 353.4 608.0 368.6 129.2
89.6 19.6 56.9 47.4 42.1 -51.3
— — — — 61.9 77.2
1,695.8 1,943.9 1,965.6 — — —
19.2 19.2 19.2 19.3 19.2 63.4
3,873.8 3,100.8 — — — —
49.6 46.7 50.2 55.3 81.2 167.8
45.4 42.1 71.2 79.0 441.8 956.4
120.9 111.4 107.8 98.2 96.7 242.8
1.02 0.82 — — — —
— — — — — —
— — — — — —
12.00 12.00 12.00 12.00 — 12.00
775.5 783.7 521.3 416.6 349.0 625.1
— — — — — —
— — 6,310.9 11,161.5 25,111.7 29,762.2
— — — -13.20 — 32.60
— — — — — 1,435.0
— — — — — 2,150.3
— — — — — 1,435.0
34.5 69.7 85.5 73.0 79.9 76.6
6,365.6 6,662.9 4,669.0 4,491.8 4,587.4 4,837.2
— — — — — —
— — — — — —
MGM China Holdings Ltd (2282 HK) - GAAP %
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Revenue 20,293.6 21,773.6 25,727.5 25,454.3
+ Sales & Services Revenue 100.0 100.0 100.0 100.0
- Operating Expenses 80.4 79.6 78.5 77.3
+ Other Operating Expense 76.2 75.8 75.7 73.8
Operating Income (Loss) 19.6 20.4 21.5 22.7
- Interest Income 0.1 0.2 0.1 0.0
+ Foreign Exch (Gain) Loss 0.0 0.0 0.0 0.1
Pretax Income 18.4 18.9 20.8 22.5
Income (Loss) from Cont Ops 16.2 20.8 20.7 22.4
Income (Loss) Incl. MI 16.2 20.8 20.7 22.4
Net Income, GAAP 16.2 20.8 20.7 22.4
Net Income Avail to Common, GAAP 16.2 20.8 20.7 22.4

Basic Weighted Avg Shares 18.7 17.5 14.8 14.9

Basic EPS, GAAP 0.0 0.0 0.0 0.0
Diluted Weighted Avg Shares 18.7 17.5 14.8 15.0

Diluted EPS, GAAP 0.0 0.0 0.0 0.0
Reference Items
EBITDA 23.2 24.0 24.5 25.8
EBITDA Margin (T12M) 0.1 0.1 0.1 0.1
EBITA 20.2 20.9 22.0 23.2
EBIT 19.6 20.4 21.5 22.7
Profit Margin 0.1 0.1 0.1 0.1
Sales per Employee 17,241.4 17,636.7 16,496.2 16,390.8
Total Cash Common Dividends 15.3 17.8 22.3 20.0
Personnel Expenses 6.8 6.8 6.5 7.5
Rental Expense 0.1 0.1 0.1 0.1
Source: Bloomberg
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
17,170.5 14,907.5 14,480.5 19,200.7 22,845.7 24,425.5
100.0 100.0 100.0 100.0
— — — — 52.5 53.6
0.0 0.0 0.0 0.0
80.9 79.2 81.9 92.5
0.0 0.0 0.0 0.0
4.7 5.2 5.5 11.2
1.1 -0.3 -0.3 0.3
75.1 74.4 76.7 81.1
19.1 20.8 18.1 7.5 13.6 15.3
0.9 0.3 -0.1 3.4
0.7 0.3 0.0 3.3
0.7 0.3 0.0 3.4
0.1 0.0 0.0 0.1
0.1 0.0 -0.1 0.0
0.0 0.0 0.0 0.0
0.1 0.0 0.1 0.1
18.2 20.5 18.2 4.0 10.1 12.2
0.1 0.1 2.2 -1.5
0.1 0.1 0.0 0.1
0.0 0.0 2.2 -1.7
18.1 20.4 16.0 5.6 9.8 11.8
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
18.1 20.4 16.0 5.6
0.0 0.0 0.0 0.0
18.1 20.4 16.0 5.6 9.8 11.8
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
18.1 20.4 16.0 5.6 9.8 11.8
0.5 1.0 4.1 3.2

0.0 0.0 0.0 0.0
22.1 25.5 26.2 19.8

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
22.1 25.5 26.3 19.8

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

23.8 26.0 23.6 18.7 25.7 26.2
0.1 0.2 0.2 0.1 0.1 0.1
19.8 21.6 19.0 8.1
19.1 20.8 18.1 7.5 13.6 15.3
0.1 0.1 0.1 0.0 0.1 0.1
0.1 0.1 0.1 0.0 0.0 0.0
— — — — 8.8 10.0
16,843.5 16,778.5 10,792.1 9,315.3
0.0 0.0 0.0 0.0 0.0 0.0
5.5 7.1 5.6 1.9
1.8 3.3 4.8 0.9
11.2 12.8 15.7 18.0
4.0 4.3 4.6 10.5
0.2 0.3 — —
MGM China Holdings Ltd (2282 HK) - Standardized
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Total Assets
+ Cash, Cash Equivalents & STI 1,975.7 1,922.7 5,590.4 7,381.4
+ Cash & Cash Equivalents 1,975.7 1,922.7 5,590.4 7,381.4
+ ST Investments 0.0 0.0 0.0 0.0
+ Accounts & Notes Receiv 840.7 1,137.4 549.4 479.0
+ Accounts Receivable, Net 840.7 1,137.4 549.4 479.0
+ Notes Receivable, Net 0.0 0.0 0.0 0.0
+ Inventories 44.2 63.8 79.1 85.9
+ Raw Materials 0.0 0.0 0.0 0.0
+ Work In Process 0.0 0.0 0.0 0.0
+ Finished Goods 0.6 1.4 4.0 2.1
+ Other Inventory 43.7 62.5 75.1 83.8
+ Other ST Assets 95.0 169.0 65.6 57.4
+ Prepaid Expenses 75.2 60.1 19.3 19.2
+ Derivative & Hedging Assets 0.0 0.0 0.0 0.0
+ Misc ST Assets 19.9 108.9 46.3 38.1
Total Current Assets 2,955.7 3,293.0 6,284.6 8,003.7
+ Property, Plant & Equip, Net 6,210.7 5,757.1 5,355.3 5,409.1
+ Property, Plant & Equip 7,484.4 7,576.0 7,736.1 8,399.8
- Accumulated Depreciation 1,273.7 1,818.9 2,380.9 2,990.7
+ LT Investments & Receivables 0.0 0.0 0.0 0.0
+ Other LT Assets 1,301.3 1,174.0 1,049.3 1,367.9
+ Total Intangible Assets 1,301.3 1,174.0 1,047.1 919.9
+ Goodwill 0.0 0.0 0.0 0.0
+ Other Intangible Assets 1,301.3 1,174.0 1,047.1 919.9
+ Investments in Affiliates 0.0 0.0 0.0 0.0
+ Misc LT Assets 0.0 0.0 2.1 448.0
Total Noncurrent Assets 7,512.0 6,931.1 6,404.5 6,776.9
Total Assets 10,467.7 10,224.2 12,689.1 14,780.6
Liabilities & Shareholders' Equity

+ Payables & Accruals 1,945.0 2,856.6 3,680.1 4,886.2
+ Accounts Payable 24.2 48.9 70.9 94.6
+ Accrued Taxes 315.0 866.0 907.7 1,238.2
+ Other Payables & Accruals 1,605.7 1,941.7 2,701.5 3,553.5
+ ST Debt 1,062.7 0.0 206.8 0.0
+ ST Borrowings 1,062.7 0.0 206.8 0.0
+ ST Lease Liabilities — — — —
+ ST Finance Leases 0.0 0.0 0.0 0.0
+ Other ST Liabilities 0.0 0.0 0.0 0.0
+ Deferred Revenue 0.0 0.0 0.0 0.0
+ Derivatives & Hedging 0.0 0.0 0.0 0.0
+ Misc ST Liabilities 0.0 0.0 0.0 0.0
Total Current Liabilities 3,007.7 2,856.6 3,886.9 4,886.2
+ LT Debt 7,208.6 5,886.7 3,929.3 3,983.0
+ LT Borrowings 7,208.6 5,886.7 3,929.3 3,983.0
+ LT Lease Liabilities — — — —
+ LT Finance Leases 0.0 0.0 0.0 0.0
+ Other LT Liabilities 0.0 0.0 458.8 0.0
+ Accrued Liabilities 0.0 0.0 0.0 0.0
+ Pension Liabilities — — — —
+ Pensions — — — —
+ Other Post-Ret Benefits — — — —
+ Deferred Tax Liabilities — 0.0 458.8 0.0
+ Misc LT Liabilities 0.0 0.0 0.0 0.0
Total Noncurrent Liabilities 7,208.6 5,886.7 4,388.1 3,983.0
Total Liabilities 10,216.3 8,743.3 8,275.0 8,869.3
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 972.7 972.7 14,234.2 14,234.2
+ Common Stock 194.2 194.2 3,800.0 3,800.0
+ Additional Paid in Capital 778.5 778.5 10,434.2 10,434.2
- Treasury Stock — — 0.0 0.0
+ Retained Earnings -1,351.6 214.5 2,969.3 4,399.3
+ Other Equity 630.3 293.7 -12,789.4 -12,722.2
Equity Before Minority Interest 251.3 1,480.8 4,414.0 5,911.3
+ Minority/Non Controlling Interest 0.0 0.0 0.0 0.0
Total Equity 251.3 1,480.8 4,414.0 5,911.3
Total Liabilities & Equity 10,467.7 10,224.2 12,689.1 14,780.6
Reference Items
Shares Outstanding — — 3,800.0 3,800.0
Number of Treasury Shares — — 0.0 0.0
Pension Obligations 0.0 0.0 0.0 0.0
Future Minimum Operating Lease Obligation 100.7 86.5 95.7 95.6
Capital Leases - Total 0.0 0.0 0.0 0.0
Options Granted During Period 0.0 — 19.3 1.0
Options Outstanding at Period End 0.0 — 19.3 19.2
Net Debt 6,295.6 3,964.0 -1,454.3 -3,398.3
Net Debt to Equity 2,504.77 267.68 -32.95 -57.49
Tangible Common Equity Ratio -11.45 3.39 28.92 36.01
Current Ratio 0.98 1.15 1.62 1.64
Number of Employees 5,539.00 — 5,800.00 5,670.00
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
7,884.8 4,232.2 5,421.1 3,547.1 5,283.4 3,992.1

7,884.8 4,232.2 5,421.1 3,547.1 5,283.4 3,992.1
0.0 0.0 0.0 0.0 0.0 0.0
577.2 427.6 242.5 224.7 179.8 322.6
577.2 427.6 242.5 224.7 179.8 322.6
0.0 0.0 0.0 0.0 0.0 0.0
98.6 110.4 108.0 92.2 135.8 159.7
0.0 0.0 0.0 — — —
0.0 0.0 0.0 — — —
2.6 1.5 1.1 — — —
96.0 108.9 106.9 — — —
139.0 137.8 169.6 178.0 212.1 183.5
69.4 69.4 100.0 115.6 69.4 69.4
0.0 0.0 0.0 0.0 0.0 0.0
69.5 68.4 69.5 62.4 142.7 114.1
8,699.6 4,908.0 5,941.2 4,042.0 5,811.1 4,658.0
8,195.2 10,949.6 15,189.4 22,470.3 30,311.3 30,125.0
11,771.5 14,979.4 19,789.8 27,483.8 35,841.0 37,489.7
3,576.4 4,029.9 4,600.4 5,013.5 5,529.7 7,364.8
0.0 0.0 0.0 0.0 0.0 0.0
1,192.7 970.3 824.2 567.9 484.2 349.6
793.0 666.1 539.2 412.0 285.1 158.2
0.0 0.0 0.0 0.0 0.0 0.0
793.0 666.1 539.2 412.0 285.1 158.2
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 — 0.0 0.0
399.7 304.2 285.0 155.9 199.1 191.5
9,387.9 11,919.9 16,013.6 23,038.2 30,795.4 30,474.6
18,087.5 16,827.8 21,954.8 27,080.2 36,606.5 35,132.6
6,973.4 5,856.9 4,850.4 4,082.3 8,036.6 5,670.3

84.7 90.5 60.4 32.1 15.6 31.4
1,331.4 16.1 15.0 15.0 1.0 11.2
5,557.4 5,750.4 4,775.1 4,035.3 8,020.0 5,627.7
0.0 0.0 0.0 604.5 6,045.0 780.0
0.0 0.0 0.0 604.5 6,045.0 780.0
— — — 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 805.4 1,614.3 1,607.7
0.0 0.0 0.0 805.4 1,614.3 1,607.7
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
6,973.4 5,856.9 4,850.4 5,492.2 15,695.9 8,058.0
4,049.2 4,118.2 11,732.0 14,104.1 11,794.2 18,093.2
4,049.2 4,118.2 11,732.0 14,104.1 11,794.2 18,093.2
— — — 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
561.4 511.2 457.3 267.2 604.0 35.6
0.0 0.0 0.0 0.0 0.0 0.0
— — — — 0.0 0.0
— — — — 0.0 0.0
— — — — 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
— — — — 317.1 0.0
0.0 0.0 0.0 0.0 0.0 0.0
561.4 511.2 457.3 267.2 286.9 35.6
4,610.6 4,629.4 12,189.3 14,371.3 12,398.2 18,128.8
11,584.0 10,486.3 17,039.7 19,863.5 28,094.1 26,186.8
0.0 0.0 0.0 0.0 0.0 0.0
14,232.9 14,232.8 14,233.1 14,235.4 14,209.5 14,203.4
3,800.0 3,800.0 3,800.0 3,800.0 3,800.0 3,800.0
10,432.9 10,432.8 10,433.1 10,435.4 10,409.5 10,403.4
0.0 0.0 0.0 0.0 0.0 0.0
4,981.6 4,759.8 3,264.0 5,512.0 6,784.6 7,164.4
-12,711.0 -12,651.1 -12,582.0 -12,530.7 -12,481.8 -12,422.0
6,503.5 6,341.5 4,915.1 7,216.7 8,512.4 8,945.8
0.0 0.0 0.0 0.0 0.0 0.0
6,503.5 6,341.5 4,915.1 7,216.7 8,512.4 8,945.8
18,087.5 16,827.8 21,954.8 27,080.2 36,606.5 35,132.6
IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS

3,800.0 3,800.0 3,800.0 3,800.0 3,800.0 3,800.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
211.6 193.5 195.1 105.3 239.2 263.9
0.0 0.0 0.0 0.0 0.0 0.0
1.1 19.9 16.5 30.2 13.8 10.3
16.9 35.1 49.2 73.6 77.1 82.7
-3,835.6 -114.0 6,310.9 11,161.5 12,555.8 14,881.1
-58.98 -1.80 128.40 154.66 147.50 166.35
33.02 35.12 20.43 25.52 22.65 25.13
1.25 0.84 1.22 0.74 0.37 0.58
6,062.00 6,101.00 5,937.00 5,960.00 9,266.00 10,735.00
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Balance Sheet
Noncurrent Assets
Other Noncurrent Assets — — — —
Prepaid Expenses And Other — 0.0 2.1 448.0
Total Non-Current Assets 7,512.0 6,931.1 6,404.5 6,776.9
Deposit Payment — — 2.1 —
Total Assets — — — —
Current Assets
Accounts Receivable - Trade 840.7 1,137.4 549.4 479.0
Inventories 44.2 63.8 79.1 85.9
Prepaid Expenses and Other 75.7 77.3 46.0 37.8
Amounts Due From Related Companies 0.1 72.5 0.3 0.3
Cash At Bank 1,975.7 1,922.7 5,590.4 7,381.4
Land Rights/Prepaid Lease Payment-Curren 19.2 19.2 19.3 19.2
Current Liabilities
Accounts Payable and Accrued Expenses 1,734.9 2,706.1 — —
Short-Term Borrowings 1,062.7 0.0 206.8 0.0
Other Current Liabilities — 3.4 4.7 21.1
Income Taxes Accrued/Payable 0.3 0.2 0.5 15.2
Customer Deposits/Advances (Short-Term) — 135.1 200.4 367.3
Other Payables 8.3 3.4 4.7 21.1
Net Current Assets -52.0 436.4 2,397.6 3,117.4
Trade Payables And Others — 2,706.1 3,466.3 4,475.3
Amounts Due To Related Companies 0.2 11.7 8.2 7.3
Other Liabilities - Current — 3.4 4.7 21.1
Overdrafts And Bank Loans (Short Term) — — 206.8 —
Total Assets Less Than Current Liability 7,459.9 7,367.6 8,802.1 9,894.3
Short Term Deposits Payable 201.3 135.1 200.4 367.3
Non Current Liabilities
Total Noncurrent Liabilities 7,208.6 5,886.7 4,388.1 3,983.0
Long Term Debt — 5,886.7 3,929.3 3,983.0
Deferred Income Taxes (Liabilities) — 0.0 458.8 0.0
Bank Loans - Noncurrent 5,658.5 5,886.7 3,929.3 3,983.0
Net Assets 251.3 1,480.8 4,414.0 5,911.3
Other Creditors / Other Payables (Long-Ter 0.0 0.0 — 0.0
Interest Bearing Liabilities (Noncurrent) 1,550.1 0.0 — —
Accounts Payable Other — — — —
Total Liabilities — — — —
Stockholder Equity
Additional Paid In Capital 778.5 778.5 — —
Retained Earnings (Accumulated Deficit) -1,351.6 214.5 — —
Other Equity 630.3 293.7 — —
Total Shareholders Equity 251.3 1,480.8 4,414.0 5,911.3
Total Reserve — — 614.0 2,111.3
Total Share Capital 194.2 194.2 3,800.0 3,800.0
Total Liabilities and Shareholders Equity — — — —
Fixed Assets
Property Plant & Equipment - Net 5,820.5 5,386.1 4,972.3 4,757.3
Construction In Progress-Net — — 31.3 319.4
Prepaid Lease Payments 390.2 371.0 351.7 332.4
Reference Items
Accounts Receivable - Trade 840.7 1,137.4 549.4 479.0
Inventories 44.2 63.8 79.1 85.9
Prepaid Expenses (ST) 55.9 40.9 21.2 16.1
Buildings 4,737.4 4,795.7 4,775.2 5,035.3
Leasehold Improvements 1,294.4 1,338.1 1,433.6 1,481.4
Construction In Progress 21.1 28.8 31.3 319.4
Furniture/Machinery/Equipment 680.4 721.4 787.2 849.5
Property Plant & Equipment - Gross 7,094.2 7,205.0 7,384.5 8,067.4
Accumulated Depreciation 1,273.7 1,818.9 2,380.9 2,990.7
Property Plant & Equipment - Net 5,820.5 5,386.1 5,003.6 5,076.7
Accounts Payable - Trade 24.2 48.9 70.9 94.6
Accounts Payable and Accrued Expenses — — — —
Accrued Expenses 116.2 158.7 448.5 1,201.6
Additional Paid In Capital 778.5 778.5 10,434.2 10,434.2
Retained Earnings (Accumulated Deficit) -1,351.6 214.5 2,969.3 4,399.3
Other Equity 630.3 293.7 -12,839.6 -12,839.6
Shares Outstanding — — 3,800.0 3,800.0
Par Value — — 1.00 1.00
Other Gross Fixed Assets 197.5 143.8 151.4 164.6
Supplies and Materials 10.7 20.1 24.3 25.1
Other Inventory 32.9 42.4 50.8 58.7
Total Line of Credit — — — —
Total Available Line of Credit — — 3,120.0 11,310.0
Rental Expense - Year 1 25.0 22.0 27.8 28.7
Rental Expense - Beyond Year 5 46.3 43.4 40.6 37.7
Allowance For Doubtful Accounts 151.3 232.4 161.3 107.1
Unsecured Debt 1,550.1 — — —
Secured Debt 6,721.2 5,886.7 4,136.1 3,983.0
Customer Deposits/Advances (ST) — — — —
Other Receivables (ST) 4.0 7.6 7.8 8.8
Other Payables 1,140.6 1,452.0 1,819.5 1,720.6
Cumulative Translation Adjustment — — — —
Bank Loans - Noncurrent — — 3,929.3 3,983.0
Capital Redemption Reserve — — — —
Total Contingent Payable 494.0 300.0 300.0 300.1
Inventory - Merchandise 0.6 1.4 4.0 2.1
Options Granted During Period — — 19.3 1.0
Options Outstanding End Period — — 19.3 19.2
Trade Receivables-Gross 992.0 1,369.8 710.7 586.1
Amounts Due To Contract Work — — — —
Authorized Common Stocks (Number) — — 10,000.0 10,000.0
Authorized Common Capital (Amount) — — 10,000.0 10,000.0
Capital Commit Contracted Not Provided Fo 21.9 30.9 29.2 1,276.4
Other Commitments 29.0 29.0 29.0 29.0
Operating Leases Expiring Within 2 & 5 Yrs 29.4 21.0 27.3 29.1
Trade Debtors 0-1 Year - Net 840.7 1,137.4 549.4 479.0
Transportation Equipment - Gross 7.9 8.0 8.0 9.3
Other Tax Payable 314.8 865.8 907.3 1,223.0
Total Share Capital 194.2 194.2 3,800.0 3,800.0
Debt Maturing - Year 2 To Year 5 2,719.4 5,672.2 3,308.9 3,983.0
Options Exercised During the Period — — — —
Overdrafts And Bank Loans (Short Term) — — 206.8 0.0
Computers - Gross 155.5 169.2 197.7 208.0
Purchase Obligations 21.9 30.9 29.2 1,276.4
Equity Compensation Reserve — — 50.2 117.4
Debt Schedule In Yr 1 1,062.7 0.0 206.8 0.0
Debt Schedule - Total Debt 6,721.2 5,886.7 4,136.1 3,983.0
Number of Common Shares Repurchased — — — —
Value of Common Shares Repurchased — — — —
ARDR Options Cancelled or Forfeited — — — 1.0
Avg Exercise Price (Options Outstanding) — — 15.52 15.43
Options Exercisable End of Period — — — 4.6
Options at Beginning of Period — — — 19.3
Common Stock — — — —
Other Non-Depreciable Fixed Assets - Gros — — — —
Sundry Creditors And Accruals — — — —
Debt Schedule - Total Long Term Debt — — — —
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
— — — 46.2 167.3 128.7

399.7 304.2 285.0 109.8 31.8 62.8
9,387.9 11,919.9 16,013.6 23,038.2 30,795.4 30,474.6
— — — — — —
— — — 27,080.2 36,606.5 35,132.6
577.2 427.6 242.5 224.7 179.8 322.6

98.6 110.4 108.0 92.2 135.8 159.7
68.6 67.3 42.3 107.9 142.2 112.1
1.0 1.1 57.6 0.7 0.4 2.1
7,884.8 4,232.2 5,421.1 3,547.1 5,283.4 3,992.1
69.4 69.4 69.6 69.4 69.4 69.4
8,699.6 4,908.0 5,941.2 4,042.0 5,811.1 4,658.0
— — — — — —
— — — — — —
— — — — — —
15.2 16.1 15.0 15.0 1.0 11.2
— — — — — —
224.1 244.2 224.1 377.2 301.5 387.8
1,726.2 -948.9 1,090.7 — — —
6,365.6 5,579.2 4,586.3 4,469.2 9,319.5 6,856.5
12.9 17.4 25.1 26.3 28.9 22.5
— — — — — —
— — — 604.5 6,045.0 780.0
11,114.1 10,970.9 17,104.3 — — —
355.6 — — — — —
6,973.4 5,856.9 4,850.4 5,492.2 15,695.9 8,058.0
4,610.6 4,629.4 12,189.3 14,371.3 12,398.2 18,128.8

— — 11,732.0 — — —
— — — — 317.1 0.0
4,049.2 4,118.2 — 14,104.1 11,794.2 18,093.2
6,503.5 6,341.5 4,915.1 — — —
561.4 511.2 457.3 267.2 286.9 35.6
— — — — — —
— — — — — —
— — — 19,863.5 28,094.1 26,186.8
— — — — — —
— — — — — —
— — — 3,416.7 — —
6,503.5 6,341.5 4,915.1 7,216.7 8,512.4 8,945.8
2,703.5 2,541.5 1,115.1 10,433.1 4,712.4 5,145.8
3,800.0 3,800.0 3,800.0 3,800.0 3,800.0 3,800.0
— — — 27,080.2 36,606.5 35,132.6
4,393.4 4,062.6 3,733.1 3,294.7 3,027.3 27,221.9

2,333.0 5,487.6 10,126.5 17,915.3 26,093.1 1,781.5
1,468.8 1,399.4 1,329.8 1,260.4 1,190.9 1,121.5
577.2 427.6 242.5 224.7 179.8 322.6

98.6 110.4 108.0 — — —
— — 30.4 46.1 — —
5,050.5 5,048.4 4,993.3 4,987.9 5,001.3 28,050.2
1,567.9 1,722.5 1,923.3 2,077.7 2,181.3 2,155.1
2,333.0 5,487.6 10,126.5 17,915.3 26,093.1 1,781.5
892.2 880.8 940.5 893.8 988.7 3,334.8
10,302.8 13,580.1 18,460.0 26,223.4 34,650.0 36,368.2
3,576.4 4,029.9 4,600.4 5,013.5 5,529.7 7,364.8
6,726.4 9,550.2 13,859.6 38,775.8 53,513.4 52,009.3
84.7 90.5 60.4 32.1 15.6 31.4
— — — 4,469.2 9,319.5 6,856.5
552.0 — — 806.6 2,629.4 2,176.6
10,432.9 10,432.8 10,433.1 10,435.4 10,409.5 10,403.4
4,981.6 4,759.8 3,264.0 5,512.0 6,784.6 7,164.4
-12,839.6 -12,839.6 -12,839.6 -12,839.6 -12,839.6 -12,839.6
3,800.0 3,800.0 3,800.0 3,800.0 3,800.0 3,800.0
1.00 1.00 1.00 1.00 1.00 1.00
177.6 193.2 196.2 47.6 48.4 182.3
34.6 42.5 45.1 — — —
61.4 66.4 61.8 — — —
— — — — 23,400.0 11,310.0
11,310.0 11,310.0 11,310.0 8,410.0 4,810.0 4,290.0
211.6 193.5 195.1 105.3 239.2 263.9
31.8 29.7 29.5 25.9 47.7 71.2
135.6 127.4 119.3 4.8 103.0 94.9
33.7 104.8 69.3 63.6 58.8 96.4
6,503.5 6,341.5 4,915.1 7,216.7 8,512.4 8,945.8
— — — — — —
4,049.2 4,118.2 11,732.0 14,708.6 17,839.2 18,873.2
— — — 805.4 1,614.3 1,607.7
— — — — — —
4,076.2 1,743.0 273.3 292.8 5,079.7 3,058.2
— — — -1.9 0.7 -2.8
4,049.2 4,118.2 — 14,104.1 11,794.2 18,093.2
2.7 3.7 3.7 4.2 11.2 13.9
300.1 300.1 300.1 302.9 302.6 299.1
2.6 1.5 1.1 — — —
1.1 19.9 16.5 30.2 13.8 10.3
16.9 35.1 49.2 73.6 77.1 82.7
611.0 532.3 311.8 288.4 238.6 419.1
— — — 0.0 — —
10,000.0 10,000.0 10,000.0 10,000.0 10,000.0 10,000.0
10,000.0 10,000.0 10,000.0 10,000.0 10,000.0 10,000.0
9,626.8 8,814.9 6,164.8 4,224.3 642.6 144.4
29.1 29.1 29.1 — — —
44.2 36.3 46.2 74.7 88.5 97.8
577.2 427.6 — 224.7 179.8 322.6
12.8 10.8 11.4 11.4 11.4 44.6
1,316.1 — — — — —
3,800.0 3,800.0 3,800.0 3,800.0 3,800.0 3,800.0
4,049.2 3,217.5 11,485.5 8,340.5 0.0 12,820.0
2.7 1.0 0.0 0.5 — 2.7
0.0 — — 604.5 6,045.0 780.0
268.8 236.8 268.9 289.8 325.9 819.7
9,626.8 8,814.9 6,164.8 4,224.3 642.6 144.4
125.9 184.8 253.9 306.6 345.9 406.5
0.0 0.0 — 604.5 6,045.0 780.0
0.0 1,072.5 604.5 6,045.0 11,940.5 3,120.0
4,049.2 4,118.2 11,732.0 14,104.1 17,839.2 18,873.2
2.7 1.0 20.0 465.6 7.0 7.0
67.8 25.6 236.9 7.0 147.9 57.8
0.7 0.8 2.4 5.3 3.2 2.0
16.01 16.01 — — — —
6.5 10.2 18.0 24.5 77.1 82.7
19.2 16.9 35.1 49.2 73.6 77.1
— — — — — —
— — — — — —
— — — — — —
— — — — — —
MGM China Holdings Ltd (2282 HK) - Common Size
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Total Assets 10,467.7 10,224.2 12,689.1 14,780.6
Total Assets
+ Cash, Cash Equivalents & STI 18.9 18.8 44.1 49.9
+ Cash & Cash Equivalents 18.9 18.8 44.1 49.9
+ ST Investments 0.0 0.0 0.0 0.0
+ Accounts & Notes Receiv 8.0 11.1 4.3 3.2
+ Accounts Receivable, Net 8.0 11.1 4.3 3.2
+ Notes Receivable, Net 0.0 0.0 0.0 0.0
+ Inventories 0.4 0.6 0.6 0.6
+ Raw Materials 0.0 0.0 0.0 0.0
+ Work In Process 0.0 0.0 0.0 0.0
+ Finished Goods 0.0 0.0 0.0 0.0
+ Other Inventory 0.4 0.6 0.6 0.6
+ Other ST Assets 0.9 1.7 0.5 0.4
+ Prepaid Expenses 0.7 0.6 0.2 0.1
+ Misc ST Assets 0.2 1.1 0.4 0.3
Total Current Assets 28.2 32.2 49.5 54.1
+ Property, Plant & Equip, Net 59.3 56.3 42.2 36.6
+ Property, Plant & Equip 71.5 74.1 61.0 56.8
- Accumulated Depreciation 12.2 17.8 18.8 20.2
+ LT Investments & Receivables 0.0 0.0 0.0 0.0
+ Other LT Assets 12.4 11.5 8.3 9.3
+ Total Intangible Assets 12.4 11.5 8.3 6.2
+ Goodwill 0.0 0.0 0.0 0.0
+ Other Intangible Assets 12.4 11.5 8.3 6.2
+ Investments in Affiliates 0.0 0.0 0.0 0.0
+ Misc LT Assets 0.0 0.0 0.0 3.0
Total Noncurrent Assets 71.8 67.8 50.5 45.9
Total Assets 100.0 100.0 100.0 100.0
Liabilities & Shareholders' Equity

+ Payables & Accruals 18.6 27.9 29.0 33.1
+ Accounts Payable 0.2 0.5 0.6 0.6
+ Accrued Taxes 3.0 8.5 7.2 8.4
+ Other Payables & Accruals 15.3 19.0 21.3 24.0
+ ST Debt 10.2 0.0 1.6 0.0
+ ST Borrowings 10.2 0.0 1.6 0.0
+ ST Lease Liabilities — — — —
+ ST Finance Leases 0.0 0.0 0.0 0.0
+ Other ST Liabilities 0.0 0.0 0.0 0.0
+ Misc ST Liabilities 0.0 0.0 0.0 0.0
Total Current Liabilities 28.7 27.9 30.6 33.1
+ LT Debt 68.9 57.6 31.0 26.9
+ LT Borrowings 68.9 57.6 31.0 26.9
+ LT Lease Liabilities — — — —
+ LT Finance Leases 0.0 0.0 0.0 0.0
+ Other LT Liabilities 0.0 0.0 3.6 0.0
+ Accrued Liabilities 0.0 0.0 0.0 0.0
+ Pension Liabilities — — — —
+ Pensions — — — —
+ Other Post-Ret Benefits — — — —
+ Deferred Tax Liabilities — 0.0 3.6 0.0
+ Misc LT Liabilities 0.0 0.0 0.0 0.0
Total Noncurrent Liabilities 68.9 57.6 34.6 26.9
Total Liabilities 97.6 85.5 65.2 60.0
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 9.3 9.5 112.2 96.3
+ Common Stock 1.9 1.9 29.9 25.7
+ Additional Paid in Capital 7.4 7.6 82.2 70.6
- Treasury Stock — — 0.0 0.0
+ Retained Earnings -12.9 2.1 23.4 29.8
+ Other Equity 6.0 2.9 -100.8 -86.1
Equity Before Minority Interest 2.4 14.5 34.8 40.0
+ Minority/Non Controlling Interest 0.0 0.0 0.0 0.0
Total Equity 2.4 14.5 34.8 40.0
Total Liabilities & Equity 100.0 100.0 100.0 100.0
Reference Items
Shares Outstanding — — 29.9 25.7
Number of Treasury Shares — — 0.0 0.0
Pension Obligations 0.0 0.0 0.0 0.0
Capital Leases - Total 0.0 0.0 0.0 0.0
Options Outstanding at Period End 0.0 — 0.2 0.1
Net Debt 60.1 38.8 -11.5 -23.0
Net Debt to Equity 23.9 2.6 -0.3 -0.4
Tangible Common Equity Ratio -0.1 0.0 0.2 0.2
Current Ratio 0.0 0.0 0.0 0.0
Number of Employees 5,539.0 — 5,800.0 5,670.0
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
18,087.5 16,827.8 21,954.8 27,080.2 36,606.5 35,132.6
43.6 25.1 24.7 13.1 14.4 11.4

43.6 25.1 24.7 13.1 14.4 11.4
0.0 0.0 0.0 0.0 0.0 0.0
3.2 2.5 1.1 0.8 0.5 0.9
3.2 2.5 1.1 0.8 0.5 0.9
0.0 0.0 0.0 0.0 0.0 0.0
0.5 0.7 0.5 0.3 0.4 0.5
0.0 0.0 0.0 — — —
0.0 0.0 0.0 — — —
0.0 0.0 0.0 — — —
0.5 0.6 0.5 — — —
0.8 0.8 0.8 0.7 0.6 0.5
0.4 0.4 0.5 0.4 0.2 0.2
0.0 0.0 0.0 0.0 0.0 0.0
0.4 0.4 0.3 0.2 0.4 0.3
48.1 29.2 27.1 14.9 15.9 13.3
45.3 65.1 69.2 83.0 82.8 85.7
65.1 89.0 90.1 101.5 97.9 106.7
19.8 23.9 21.0 18.5 15.1 21.0
0.0 0.0 0.0 0.0 0.0 0.0
6.6 5.8 3.8 2.1 1.3 1.0
4.4 4.0 2.5 1.5 0.8 0.5
0.0 0.0 0.0 0.0 0.0 0.0
4.4 4.0 2.5 1.5 0.8 0.5
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 — 0.0 0.0
2.2 1.8 1.3 0.6 0.5 0.5
51.9 70.8 72.9 85.1 84.1 86.7
100.0 100.0 100.0 100.0 100.0 100.0
38.6 34.8 22.1 15.1 22.0 16.1

0.5 0.5 0.3 0.1 0.0 0.1
7.4 0.1 0.1 0.1 0.0 0.0
30.7 34.2 21.7 14.9 21.9 16.0
0.0 0.0 0.0 2.2 16.5 2.2
0.0 0.0 0.0 2.2 16.5 2.2
— — — 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 3.0 4.4 4.6
0.0 0.0 0.0 3.0 4.4 4.6
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
38.6 34.8 22.1 20.3 42.9 22.9
22.4 24.5 53.4 52.1 32.2 51.5
22.4 24.5 53.4 52.1 32.2 51.5
— — — 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
3.1 3.0 2.1 1.0 1.7 0.1
0.0 0.0 0.0 0.0 0.0 0.0
— — — — 0.0 0.0
— — — — 0.0 0.0
— — — — 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
— — — — 0.9 0.0
0.0 0.0 0.0 0.0 0.0 0.0
3.1 3.0 2.1 1.0 0.8 0.1
25.5 27.5 55.5 53.1 33.9 51.6
64.0 62.3 77.6 73.4 76.7 74.5
0.0 0.0 0.0 0.0 0.0 0.0
78.7 84.6 64.8 52.6 38.8 40.4
21.0 22.6 17.3 14.0 10.4 10.8
57.7 62.0 47.5 38.5 28.4 29.6
0.0 0.0 0.0 0.0 0.0 0.0
27.5 28.3 14.9 20.4 18.5 20.4
-70.3 -75.2 -57.3 -46.3 -34.1 -35.4
36.0 37.7 22.4 26.6 23.3 25.5
0.0 0.0 0.0 0.0 0.0 0.0
36.0 37.7 22.4 26.6 23.3 25.5
100.0 100.0 100.0 100.0 100.0 100.0
IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS

21.0 22.6 17.3 14.0 10.4 10.8
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
1.2 1.1 0.9 0.4 0.7 0.8
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.1 0.1 0.1 0.0 0.0
0.1 0.2 0.2 0.3 0.2 0.2
-21.2 -0.7 28.7 41.2 34.3 42.4
-0.3 0.0 0.6 0.6 0.4 0.5
0.2 0.2 0.1 0.1 0.1 0.1
0.0 0.0 0.0 0.0 0.0 0.0
6,062.0 6,101.0 5,937.0 5,960.0 9,266.0 10,735.0
MGM China Holdings Ltd (2282 HK) - Standardized
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Cash from Operating Activities
+ Net Income -167.1 1,566.0 3,279.1 4,530.8
+ Non-Cash Items 171.3 263.0 718.7 -119.3
+ Stock-Based Compensation — — 50.2 67.2
+ Other Non-Cash Adj 171.3 263.0 668.5 -186.6
+ Chg in Non-Cash Work Cap -50.7 555.9 1,428.3 768.1
+ (Inc) Dec in Accts Receiv -581.1 -378.1 472.8 17.6
+ (Inc) Dec in Inventories -2.3 -19.6 -15.3 -6.8
+ Inc (Dec) in Other 532.7 953.6 970.7 757.4
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Operating Activities 746.6 3,162.7 6,172.6 5,973.1
Cash from Investing Activities

+ Change in Fixed & Intang -218.6 -251.0 -301.9 -1,037.0
+ Disp in Fixed & Intang 0.2 2.6 1.5 2.2
+ Disp of Fixed Prod Assets 0.2 2.6 1.5 2.2
+ Disp of Intangible Assets 0.0 0.0 0.0 0.0
+ Acq of Fixed & Intang -218.8 -253.6 -303.4 -1,039.2
+ Acq of Fixed Prod Assets -218.8 -253.6 -303.4 -1,039.2
+ Acq of Intangible Assets 0.0 0.0 0.0 0.0
+ Net Change in LT Investment 0.0 0.0 0.0 0.0
+ Dec in LT Investment 0.0 0.0 0.0 0.0
+ Inc in LT Investment 0.0 0.0 0.0 0.0
+ Net Cash From Acq & Div 0.0 0.0 0.0 0.0
+ Cash from Divestitures 0.0 0.0 0.0 0.0
+ Cash for Acq of Subs 0.0 0.0 0.0 0.0
+ Cash for JVs 0.0 0.0 0.0 0.0
+ Other Investing Activities -24.5 -4.2 0.0 -44.3
Cash from Investing Activities -243.1 -255.1 -301.9 -1,081.4
Cash from Financing Activities

+ Dividends Paid 0.0 0.0 -475.7 -3,100.8
+ Cash From (Repayment) Debt 254.1 -2,666.9 -1,800.0 0.0
+ Cash From (Repay) ST Debt — — — 0.0
+ Cash From LT Debt — — — 0.0
+ Repayments of LT Debt — — — 0.0
+ Cash (Repurchase) of Equity 0.0 0.0 79.7 0.0
+ Increase in Capital Stock 0.0 0.0 79.7 0.0
+ Decrease in Capital Stock 0.0 0.0 0.0 0.0
+ Other Financing Activities -230.3 -293.7 -6.9 0.0
Cash from Financing Activities 23.8 -2,960.6 -2,203.0 -3,100.8
Effect of Foreign Exchange Rates 0.0 0.0 0.0 0.0
Net Changes in Cash 527.2 -53.0 3,667.7 1,791.0
Cash Paid for Taxes 0.4 0.3 -0.2 34.0

Cash Paid for Interest 266.1 196.8 182.3 161.5
Reference Items
EBITDA 1,157.3 2,798.3 4,714.0 5,225.3
Trailing 12M EBITDA Margin 14.98 22.50 23.23 24.00
Interest Received 0.3 1.3 10.6 37.3
Free Cash Flow 527.8 2,909.1 5,869.2 4,933.9
Free Cash Flow to Firm — 3,235.7 6,030.6 —
Free Cash Flow to Equity 782.1 244.9 4,070.7 4,936.1
Free Cash Flow per Basic Share — — 1.54 1.30
Price to Free Cash Flow — — 6.58 10.80
Cash Flow to Net Income — 2.02 1.88 1.32
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
5,333.5 5,706.9 3,112.5 3,036.5 2,320.2 1,068.5

767.7 799.6 805.7 771.7 799.0 2,150.3
-5.9 46.2 187.1 -298.6 -124.6 -42.2
34.5 69.7 85.5 73.0 79.9 76.6
-40.4 -23.5 101.6 -371.6 -204.5 -118.9
1,236.3 -1,519.7 -1,149.3 -1,116.8 3,651.6 -1,735.4
-42.9 51.4 -1.2 65.2 87.0 -194.1
-12.7 -11.8 2.4 15.8 -43.6 -23.9
1,291.8 -1,559.4 -1,150.5 -1,197.8 3,608.3 -1,517.4
0.0 0.0 0.0 0.0 0.0 0.0
7,331.6 5,033.0 2,956.0 2,392.8 6,646.3 1,441.2
-1,934.3 -2,748.5 -4,499.8 -6,182.7 -6,792.7 -2,861.6

1.6 5.4 4.2 4.2 1.6 0.1
1.6 5.4 4.2 4.2 1.6 0.1
0.0 0.0 0.0 0.0 0.0 0.0
-1,935.9 -2,753.8 -4,504.1 -6,186.9 -6,794.3 -2,861.7
-1,935.9 -2,753.8 -4,504.1 -6,186.9 -6,794.3 -2,861.7
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
-118.0 0.0 -81.4 -90.7 19.3 -53.5
0.0 0.0 0.0 0.0 0.0 0.0
-2,052.3 -2,748.5 -4,581.2 -6,273.3 -6,773.4 -2,915.1
-4,750.0 -5,928.2 -4,624.6 -805.6 -1,048.8 -611.8

0.0 0.0 7,438.6 2,814.3 2,961.5 815.0
0.0 0.0 0.0 — — —
— 0.0 7,800.0 2,900.0 — —
— 0.0 -361.4 -85.7 — —
-25.9 -9.0 0.1 -0.3 -52.1 -18.3
42.0 16.6 0.3 6.7 95.7 39.6
-67.8 -25.6 -0.2 -7.0 -147.9 -57.8
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
-4,775.9 -5,937.2 2,814.1 2,008.4 1,860.6 184.9
0.0 0.0 0.0 -1.9 2.8 -2.3
503.4 -3,652.6 1,188.9 -1,873.9 1,736.3 -1,291.3
15.0 15.0 17.7 15.1 13.7 11.4

196.5 166.0 253.9 369.5 511.6 717.8
6,311.3 6,568.3 4,086.2 3,870.8 3,423.2 3,585.3

24.53 25.80 23.80 25.97 23.64 18.67
25.5 13.5 11.7 7.0 4.3 12.3
5,395.7 2,279.2 -1,548.1 -3,794.0 -148.0 -1,420.5
5,602.7 2,310.1 -1,425.0 -3,747.8 -148.0 —
5,397.3 2,284.6 5,894.8 -975.5 2,815.1 -605.4
1.42 0.60 -0.41 -1.00 -0.04 -0.37
23.31 32.88 — — — —
1.37 0.88 0.95 0.79 2.86 1.35
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Cash Flow
Cash From Operating Activities
Depreciation And Amortization - CF 793.1 777.8 746.6 793.5
Provision For Doubtful Accounts - CF 98.3 81.3 115.2 52.9
Stock Based Compensation — — 50.2 67.2
Other Non-Cash Items — — — —
Change in Inventories -2.3 -19.6 -15.3 -6.8
Change in Accounts Receivable -581.1 -378.1 472.8 17.6
Change in Other Current Assets -11.6 -35.1 30.5 9.3
Change in Other Current Liabilities -104.7 -4.9 — —
Change In Other Liabilites — -4.9 — —
Total Cash Flows From Operations 1,012.7 3,359.5 6,354.9 6,134.7
Change in Deposits 104.6 -66.2 65.3 166.9
Interest Received 0.3 1.3 10.6 37.3
Gain/(Loss) On Early Extinguishment of Deb — — — —
Foreign Exchange Gains/Losses -0.4 20.5 — —
Total Cashflow From Ops Before Working Ca 1,260.7 2,926.6 4,972.1 5,363.3
Gain (Loss) From The Sale Of Fixed Assets 4.8 31.4 93.8 17.9
Change In Trade Payables & Other Current 359.0 996.7 749.9 582.2
Interest Income - CF -0.3 -1.3 -11.9 -38.0
Increase/Decrease In Amts Due From Relat -0.1 -72.4 72.2 -0.1
Increase/Decrease In Amts Due To Related -11.8 11.5 -3.5 -0.9
Profit Before Taxation And Minority Interest -166.5 1,566.3 3,737.9 4,120.9
Tax Paid -0.4 -0.3 0.0 -34.0
Tax Refund — — 0.2 0.0
Other Financial Items - CF 197.2 123.9 56.3 —
Change in Accounts Payable & Accrued Ex — — — —
Interest Paid — — — —
Cash From Investing Activities
Disposal of Fixed Assets 0.2 2.6 1.5 2.2
Capital Expenditures -115.2 -86.3 -156.2 -214.7
Other Investing Activities -24.5 -4.2 0.0 -44.3
Payments For Noncurrent Assets — -8.9 — —
Payment Of Land Rights — — 0.0 -436.9
Total Cash Flows From Investing -243.1 -255.1 -301.9 -1,081.4
Dividends Paid — — -475.7 -3,100.8
Increase In Long-Term Borrowings — — — —
Decrease In Long-Term Borrowings — — — —
Issuance of Common Stock — — 132.0 0.0
Repurchase of Common Stock — — — 0.0
Effect of Exchange Rates On Cash — — — —
Other Financing Activities -230.3 -293.7 -6.9 —
Exercise of Stock Options — — — —
Net Change In Cash 527.2 -53.0 3,667.7 1,791.0
Cash and Cash Equivalents (End of Period) 1,975.7 1,922.7 5,590.4 7,381.4
Cash and Cash Equivalents (Beg of Period) 1,448.5 1,975.7 1,922.7 5,590.4
Stock Issuance Costs — — -52.3 0.0
Decrease In Borrowings -1,518.6 -10,092.8 -1,800.0 -738.5
Increase In Borrowings 1,772.7 7,425.9 0.0 738.5
Interest Paid (Financing Activities) -266.1 -196.8 -182.3 -161.5
Total Cash Flows From Financing -242.4 -3,157.4 -2,385.3 -3,262.3
Direct Method
Net Cash From Operating Activities 1,012.8 3,358.6 6,344.0 6,131.4
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
767.7 799.6 805.7 771.7 799.0 2,150.3

-55.4 98.2 186.3 -47.4 -42.1 51.3
34.5 69.7 85.5 73.0 79.9 76.6
— — 14.9 — — —
-12.7 -11.8 2.4 15.8 -43.6 -23.9
-42.9 51.4 -1.2 65.2 87.0 -194.1
-44.4 4.3 21.9 44.5 -49.7 9.0
— — — — — —
— — — — — —
7,528.1 5,199.0 3,209.9 2,762.4 7,157.9 2,159.0
-11.7 — — — — —
25.5 13.5 11.7 7.0 4.3 12.3
— — — — 0.0 5.9
— — — — — —
6,281.3 6,720.2 4,365.3 3,887.3 3,515.6 3,893.5
3.0 11.6 32.1 -1.7 45.3 194.3
1,342.9 -1,568.1 -1,123.4 -1,300.5 3,655.1 -1,518.3
207.6 31.0 123.8 46.5 0.0 654.3
-24.5 -12.6 -12.1 -6.5 -5.0 -12.1
-0.6 -0.1 -56.5 57.0 0.2 -1.6
5.6 4.5 7.7 1.3 2.6 -6.4
5,348.5 5,722.7 3,129.1 3,051.6 2,638.5 772.9
-15.0 -15.0 -17.7 -15.1 -15.1 -11.4
— — — — 1.4 0.0
— — — — — —
— — — — — —
— — — — — —
1.6 5.4 4.2 4.2 1.6 0.1

-139.1 -223.9 -171.0 -121.7 -120.7 -75.5
-118.0 0.0 -81.4 -90.7 19.3 -53.5
— — — — — —
-115.2 -227.8 -227.8 -227.8 -113.9 0.0
-2,052.3 -2,748.5 -4,581.2 -6,273.3 -6,773.4 -2,915.1
-4,750.0 -5,928.2 -4,624.6 -805.6 -1,048.8 -611.8

— — 7,800.0 2,900.0 — —
— — -361.4 -85.7 — —
— — — — — —
-67.8 -25.6 -0.2 -7.0 -147.9 -57.8
— — — -1.9 2.8 -2.3
— — — — — —
42.0 16.6 0.3 6.7 95.7 39.6
503.4 -3,652.6 1,188.9 -1,872.1 1,733.4 -1,289.0
7,884.8 4,232.2 5,421.1 3,547.1 5,283.4 3,992.1
7,381.4 7,884.8 4,232.2 5,421.1 3,547.1 5,283.4
— — — — — —
0.0 — — — -1,438.5 -4,085.0
0.0 — — — 4,400.0 4,900.0
-196.5 -166.0 -253.9 -369.5 -511.6 -717.8
-4,972.3 -6,103.2 2,560.2 1,638.9 1,349.0 -532.9
7,517.6 5,200.5 3,216.0 2,770.5 7,167.3 2,158.1

MGM China Holdings Ltd (2282 HK) - Profitability
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Returns
Return on Common Equity -49.90 180.82 111.25 87.76
Return on Assets -1.63 15.14 28.62 32.99
Return on Capital 1.51 23.82 43.23 50.88
Return on Invested Capital 4.67 25.83 42.88 50.63
Margins
EBITDA Margin 14.98 22.50 23.23 24.00
Incremental Operating Margin 30.52 35.18 24.77 31.37
Pretax Margin -2.15 12.60 18.42 18.93
Income before XO Margin -2.16 12.59 16.16 20.81
Net Income Margin -2.16 12.59 16.16 20.81
Net Income to Common Margin -2.16 12.59 16.16 20.81
Additional
Effective Tax Rate — 0.02 12.27 —
Dvd Payout Ratio — 0.00 94.54 85.50
Sustainable Growth Rate — 180.82 6.08 12.73
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
85.92 88.86 55.30 50.06 29.50 12.24

32.45 32.69 16.05 12.39 7.29 2.98
54.19 54.61 23.87 15.98 9.61 6.07
53.09 55.24 25.26 15.68 9.30 6.23
24.53 25.80 23.80 25.97 23.64 18.67

21.55 22.66 19.11 20.79 18.12 7.47
28.12 — -30.04 -8.02 -111.24 —
20.79 22.48 18.22 20.47 18.22 4.03
20.73 22.42 18.13 20.37 16.02 5.56
20.73 22.42 18.13 20.37 16.02 5.56
20.73 22.42 18.13 20.37 16.02 5.56
0.28 0.28 0.53 0.49 12.06 —

107.54 89.29 30.40 34.92 34.89 34.85
-6.48 9.52 38.49 32.58 19.21 7.97
MGM China Holdings Ltd (2282 HK) - Growth
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
1 Year Growth
Revenue 11.72 60.92 63.20 7.29
EBITDA 33.97 141.80 68.46 10.85
Net Income to Common 43.66 — 109.39 38.17
EPS Diluted — — — 37.89
EPS Diluted before XO — — — 37.89
EPS Diluted before Abnormal — — — 32.66
Dividend per Share — — — —
Accounts Receivable 134.95 35.30 -51.70 -12.82

Inventory 7.95 44.32 23.89 8.65
Fixed Assets -6.24 -7.30 -6.98 1.00
Total Assets 4.49 -2.33 24.11 16.48
Modified Working Capital 267.65 33.89 -51.61 -15.65
Working Capital 75.03 — 449.36 30.02
Employees — — — -2.24
Accounts Payable -85.30 101.82 45.08 33.36
Short-Term Debt 164.98 — — —
Total Debt 4.83 -28.83 -29.74 -3.70
Total Equity -39.94 489.17 198.08 33.92
Capital 2.58 -13.55 16.05 15.72
Book Value per Share — — — 33.92
Cash From Operations — 323.64 95.17 -3.23

Capital Expenditures -44.56 15.93 19.64 242.50
Net Change In Cash 196.61 — — -51.17
Free Cash Flow — 451.20 101.75 -15.94
Cash Flow to Firm — — 81.53 —
Free Cash Flow to Firm — — 86.38 —
5 Year Growth
Revenue — — — —
EBITDA — — — —
Operating Income — — — —
Net Income to Common — — — —
EPS Diluted — — — —
EPS Diluted before XO — — — —
EPS Diluted before Abnormal — — — —
Accounts Receivable — — — —
Inventory — — — —
Fixed Assets — — — —
Modified Working Capital — — — —
Working Capital — — — —
Employees — — — —
Accounts Payable — — — —
Short-Term Debt — — — —
Total Debt — — — —
Total Equity — — — —
Total Capital 5 Year Growth — — — —
Book Value per Share — — — —
Cash From Operations — — — —

Net Change In Cash — — — —
Free Cash Flow — — — —
Sequential Growth
Revenue 11.72 60.92 63.20 7.29
EBITDA 33.97 141.80 68.46 10.85
Net Income to Common — — 109.39 38.17
EPS Diluted — — — 37.89
EPS Diluted before XO — — — 37.89
EPS Diluted before Abnormal — — — 32.66
Accounts Receivable 134.95 35.30 -51.70 -12.82

Inventory 7.95 44.32 23.89 8.65
Fixed Assets -6.24 -7.30 -6.98 1.00
Total Assets 4.49 -2.33 24.11 16.48
Modified Working Capital 267.65 33.89 -51.61 -15.65
Working Capital — — 449.36 30.02
Employees — — — -2.24
Accounts Payable -85.30 101.82 45.08 33.36
Short-Term Debt 164.98 -100.00 — -100.00
Total Debt 4.83 -28.83 -29.74 -3.70
Total Equity -39.94 489.17 198.08 33.92
Capital 2.58 -13.55 16.05 15.72
Book Value per Share — — — 33.92
Cash From Operations — 323.64 95.17 -3.23

Capital Expenditures -44.56 15.93 19.64 242.50
Net Change In Cash 196.61 -110.05 — -51.17
Free Cash Flow — 451.20 101.75 -15.94
Cash Flow to Firm — — 81.53 —
Free Cash Flow to Firm — — 86.38 —
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
18.16 -1.06 -32.54 -13.18 -2.86 32.60

20.78 4.07 -37.79 -5.27 -11.56 4.73
25.09 4.06 -43.13 -5.53 -15.32 -45.32
17.72 7.00 -45.46 -2.44 -23.59 -53.95
17.65 7.14 -45.33 -2.44 -23.88 -54.02
17.65 7.14 -45.33 -2.44 -23.88 -54.02
17.07 7.28 -43.94 -0.63 -8.75 -42.27
— 7.14 -52.57 12.05 -23.66 -53.99
20.51 -25.93 -43.28 -7.34 -19.98 79.42

14.74 11.96 -2.17 -14.67 47.33 17.62
51.51 33.61 38.72 47.93 34.89 -0.61
22.37 -6.96 30.47 23.35 35.18 -4.03
25.69 -24.31 -35.15 -1.84 5.32 50.31
-44.63 — — — -581.63 65.60
6.91 0.64 -2.69 0.39 55.47 15.85
-10.47 6.88 -33.29 -46.90 -51.30 101.18
— — — — 900.00 -87.10
1.66 1.70 184.88 25.37 21.28 5.80
10.02 -2.49 -22.49 46.83 17.95 5.09
6.65 -0.88 59.15 31.71 20.19 5.57
10.02 -2.49 -22.49 46.83 17.95 5.09
22.74 -31.35 -41.27 -19.05 177.76 -78.32

86.28 42.25 63.56 37.36 9.82 -57.88
-71.89 — — — — —
9.36 -57.76 — -145.08 96.10 -859.60
— -32.83 -39.20 -20.79 172.49 —
— -58.77 — -163.01 96.05 —
30.05 26.93 6.67 -5.98 -7.83 -5.68

48.85 41.51 7.87 -3.86 -8.11 -10.69
116.39 73.76 10.18 -4.82 -9.95 -23.68
— — 14.73 -1.53 -12.53 -27.50
— — — -1.50 -12.54 -27.52
— — — -1.50 -12.54 -27.52
— — — -1.48 -8.59 -20.64
— — — — — -27.52
10.04 -12.65 -26.59 -16.37 -17.79 -10.98

19.20 20.07 11.09 3.10 9.58 10.12
4.35 12.01 21.41 33.22 41.15 29.74
12.54 9.96 16.51 16.37 19.89 14.20
20.35 -12.26 -24.10 -12.57 -8.60 -5.27
— — 20.10 — — —
— — — 0.55 10.32 12.11
-12.46 30.17 4.31 -14.68 -30.25 -17.99
-100.00 -100.00 — 23.93 — —
-12.49 -13.02 14.79 28.88 34.97 36.05
73.10 90.71 27.12 10.33 7.57 6.58
4.90 4.18 17.71 20.72 21.64 21.39
— — — 10.33 7.57 6.58
— 46.47 -1.34 -17.26 2.16 -27.77

23.15 — — — — —
— 33.99 — — — —
18.16 -1.06 -32.54 -13.18 -2.86 32.60

20.78 4.07 -37.79 -5.27 -11.56 4.73
25.09 4.06 -43.13 -5.53 -15.32 -45.32
17.72 7.00 -45.46 -2.44 -23.59 -53.95
17.65 7.14 -45.33 -2.44 -23.88 -54.02
17.65 7.14 -45.33 -2.44 -23.88 -54.02
17.07 7.28 -43.94 -0.63 -8.75 -42.27
— 7.14 -52.57 12.05 -23.66 -53.99
20.51 -25.93 -43.28 -7.34 -19.98 79.42

14.74 11.96 -2.17 -14.67 47.33 17.62
51.51 33.61 38.72 47.93 34.89 -0.61
22.37 -6.96 30.47 23.35 35.18 -4.03
25.69 -24.31 -35.15 -1.84 5.32 50.31
-44.63 -154.97 — -232.95 — —
6.91 0.64 -2.69 0.39 55.47 15.85
-10.47 6.88 -33.29 -46.90 -51.30 101.18
— — — — 900.00 -87.10
1.66 1.70 184.88 25.37 21.28 5.80
10.02 -2.49 -22.49 46.83 17.95 5.09
6.65 -0.88 59.15 31.71 20.19 5.57
10.02 -2.49 -22.49 46.83 17.95 5.09
22.74 -31.35 -41.27 -19.05 177.76 -78.32

86.28 42.25 63.56 37.36 9.82 -57.88
-71.89 -825.53 — -257.62 — -174.37
9.36 -57.76 -167.92 — — —
— -32.83 -39.20 -20.79 172.49 —
— -58.77 -161.68 — — —
MGM China Holdings Ltd (2282 HK) - Credit
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Total Debt 8,271.3 5,886.7 4,136.1 3,983.0

Short-Term Debt 1,062.7 0.0 206.8 0.0
Long Term Debt 7,208.6 5,886.7 3,929.3 3,983.0
Total Debt/T12M EBITDA 7.15 2.10 0.88 0.76

Net Debt/EBITDA 5.44 1.42 -0.31 -0.65
Total Debt/EBIT 22.71 2.91 1.04 0.90

Net Debt/EBIT 17.28 1.96 -0.37 -0.77
EBITDA to Interest Expense 3.46 8.57 25.61 28.42

EBITDA-CapEx/Interest Expense 2.65 7.79 23.96 22.77
EBIT to Interest Expense 1.09 6.19 21.56 24.11
EBITDA/Cash Interest Paid 4.35 14.22 25.86 32.35

EBITDA-CapEx/Cash Interest Paid 3.53 12.93 24.20 25.91
EBIT/Cash Interest Paid 1.37 10.27 21.77 27.44
Cash Interest Paid 266.1 196.8 182.3 161.5

Common Equity/Total Assets 2.40 14.48 34.79 39.99

Long-Term Debt/Equity 2,868.00 397.52 89.02 67.38
Long-Term Debt/Capital 84.58 79.90 45.96 40.26
Long-Term Debt/Total Assets 68.87 57.58 30.97 26.95
Total Debt/Equity 3,290.82 397.52 93.70 67.38

Total Debt/Capital 97.05 79.90 48.37 40.26
Total Debt/Total Assets 79.02 57.58 32.60 26.95
Net Debt/Equity 2,504.77 267.68 -32.95 -57.49

Net Debt/Capital 96.16 72.80 -49.14 -135.23
EBITDA 1,157.3 2,798.3 4,714.0 5,225.3

EBITDA-CapEx 938.5 2,544.7 4,410.6 4,186.1
EBIT 364.2 2,020.6 3,967.4 4,431.8
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
No No No No No No
4,049.2 4,118.2 11,732.0 14,708.6 17,839.2 18,873.2

0.0 0.0 0.0 604.5 6,045.0 780.0
4,049.2 4,118.2 11,732.0 14,104.1 11,794.2 18,093.2
0.64 0.63 2.87 3.80 5.21 5.26

-0.61 -0.02 1.54 2.88 3.67 4.15
0.73 0.71 3.58 4.75 6.80 13.15

-0.69 -0.02 1.92 3.60 4.78 10.37
30.40 212.02 33.01 83.28 — 5.48

15.11 14.59 -0.96 -4.30 -4.89 0.87
26.71 186.21 26.50 66.67 — 2.19
32.12 39.57 16.09 10.48 6.69 4.99

22.27 22.98 -1.65 -6.27 -6.59 1.01
28.21 34.75 12.92 8.39 5.13 2.00
196.5 166.0 253.9 369.5 511.6 717.8

207.6 31.0 123.8 46.5 0.0 654.3
35.96 37.68 22.39 26.65 23.25 25.46

62.26 64.94 238.69 195.44 138.55 202.25
38.37 39.37 70.47 64.33 44.76 65.04
22.39 24.47 53.44 52.08 32.22 51.50
62.26 64.94 238.69 203.81 209.57 210.97

38.37 39.37 70.47 67.09 67.70 67.84
22.39 24.47 53.44 54.32 48.73 53.72
-58.98 -1.80 128.40 154.66 147.50 166.35

-143.77 -1.83 56.22 60.73 59.60 62.46
6,311.3 6,568.3 4,086.2 3,870.8 3,423.2 3,585.3

4,375.4 3,814.5 -417.9 -2,316.1 -3,371.1 723.6
5,543.6 5,768.7 3,280.5 3,099.1 2,624.2 1,435.0
MGM China Holdings Ltd (2282 HK) - Liquidity
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Cash Ratio 0.66 0.67 1.44 1.51
Current Ratio 0.98 1.15 1.62 1.64
Quick Ratio 0.94 1.07 1.58 1.61
CFO/Avg Current Liab 0.29 1.08 1.83 1.36
Common Equity/Total Assets 2.40 14.48 34.79 39.99

Long-Term Debt/Total Assets 68.87 57.58 30.97 26.95

Total Debt/Total Assets 79.02 57.58 32.60 26.95
CFO/Total Liabilities 7.31 36.17 74.59 67.35

CFO/CapEx 3.41 12.47 20.34 5.75
Altman's Z-Score — — 6.27 6.94

Total Available Line Of Credit — — 3,120.0 11,310.0
Total Credit Lines Drawn — — — —
Total Commercial Paper Outstanding — — — —

Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
1.13 0.72 1.12 0.65 0.34 0.50
1.25 0.84 1.22 0.74 0.37 0.58
1.21 0.80 1.17 0.69 0.35 0.54
1.24 0.78 0.55 0.46 0.63 0.12
35.96 37.68 22.39 26.65 23.25 25.46
62.26 64.94 238.69 195.44 138.55 202.25

38.37 39.37 70.47 64.33 44.76 65.04
22.39 24.47 53.44 52.08 32.22 51.50
62.26 64.94 238.69 203.81 209.57 210.97

38.37 39.37 70.47 67.09 67.70 67.84
22.39 24.47 53.44 54.32 48.73 53.72
63.29 48.00 17.35 12.05 23.66 5.50

3.79 1.83 0.66 0.39 0.98 0.50
9.58 7.38 2.88 3.01 2.49 2.00
— — — — 23,400.0 11,310.0
11,310.0 11,310.0 11,310.0 8,410.0 4,810.0 4,290.0
— — — — 18,590.0 7,020.0
— — — — — —
MGM China Holdings Ltd (2282 HK) - Working Capital
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Accounts Receivable Turnover 12.89 12.57 24.06 42.34
Days Sales Outstanding 28.31 29.03 15.17 8.64
Total Inventory 44.2 63.8 79.1 85.9

Inventory Raw Materials 0.0 0.0 0.0 0.0
Inventory In Progress 0.0 0.0 0.0 0.0
Inventory Finished Goods 0.6 1.4 4.0 2.1
Other Inventory 43.7 62.5 75.1 83.8
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
48.72 50.66 51.25 63.81 71.59 76.43
7.49 7.20 7.12 5.74 5.10 4.78
98.6 110.4 108.0 92.2 135.8 159.7

0.0 0.0 0.0 — — —
0.0 0.0 0.0 — — —
2.6 1.5 1.1 — — —
96.0 108.9 106.9 — — —
MGM China Holdings Ltd (2282 HK) - Yield Analysis
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
T12 Cash Flows to Equity
+ Cash From Operations 6,172.6 5,973.1 7,331.6 5,033.0
+ Capital Expenditures -303.4 -1,039.2 -1,935.9 -2,753.8
Free Cash Flow 5,869.2 4,933.9 5,395.7 2,279.2
Free Cash Flow Yield 15.20 9.26 4.29 3.04
Dividends Paid -475.7 -3,100.8 -4,750.0 -5,928.2

Net Share Repurchases 79.7 0.0 -25.9 -9.0
Net ST Debt Repayments — 0.0 0.0 0.0
Net LT Debt Repayments -1,800.0 — 0.0 0.0
Other Financing Activities -6.9 0.0 0.0 0.0
T12 Cash to Suppliers of Capital -2,203.0 -3,100.8 -4,775.9 -5,937.2
T12 Shareholder Yield 5.71 5.82 3.80 7.92
- Dividends Paid -475.7 -3,100.8 -4,750.0 -5,928.2

- Net Share Repurchases 79.7 0.0 -25.9 -9.0
T12 Cash to Shareholders 396.0 3,100.8 4,775.9 5,937.2
T12 Shareholder Yield, Ex Debt 1.03 5.82 3.80 7.92
T12 Cash Flows to the Firm

+ Cash From Operations 6,172.6 5,973.1 7,331.6 5,033.0
+ Capital Expenditures -303.4 -1,039.2 -1,935.9 -2,753.8
+ After-Tax Interest Expense 161.5 — 207.0 30.9
Trailing 12M Free Cash Flow To Firm 6,030.6 — 5,602.7 2,310.1
Periodic Enterprise Value 37,153.7 49,877.7 121,944.4 74,822.0
T12 FCFF Yield 16.23 — 4.59 3.09
- Dividends Paid -475.7 -3,100.8 -4,750.0 -5,928.2

- Net Share Repurchases 79.7 0.0 -25.9 -9.0
- Net ST Debt Repayments — 0.0 0.0 0.0
- Net LT Debt Repayments -1,800.0 — 0.0 0.0
- Other Financing Activities -6.9 0.0 0.0 0.0
T12 Cash to Suppliers of Capital -2,203.0 -3,100.8 -4,775.9 -5,937.2
Periodic Enterprise Value 37,153.7 49,877.7 121,944.4 74,822.0
T12 Capital Yield 5.93 6.22 3.92 7.94
Source: Bloomberg
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
2,956.0 2,392.8 6,646.3 1,441.2 6,232.3 6,156.3

-4,504.1 -6,186.9 -6,794.3 -2,861.7
-1,548.1 -3,794.0 -148.0 -1,420.5 4,649.3 4,964.8
36,860.0 61,104.0 89,870.0 49,932.0
-4.20 -6.21 -0.16 -2.84
-4,624.6 -805.6 -1,048.8 -611.8

0.1 -0.3 -52.1 -18.3
0.0 — — —
7,438.6 2,814.3 2,961.5 815.0
0.0 -1.9 2.8 -2.3
2,814.1 2,006.6 1,863.4 182.6
36,860.0 61,104.0 89,870.0 49,932.0
-7.63 -3.28 -2.07 -0.37
-4,624.6 -805.6 -1,048.8 -611.8

0.1 -0.3 -52.1 -18.3
4,624.5 805.9 1,101.0 630.1
36,860.0 61,104.0 89,870.0 49,932.0
12.55 1.32 1.23 1.26
2,956.0 2,392.8 6,646.3 1,441.2 6,232.3 6,156.3

-4,504.1 -6,186.9 -6,794.3 -2,861.7
123.1 46.3 0.0 —
-1,425.0 -3,747.8 -148.0 —
43,170.9 72,265.5 102,425.8 64,813.1
-3.30 -5.19 -0.14 —
-4,624.6 -805.6 -1,048.8 -611.8

0.1 -0.3 -52.1 -18.3
0.0 — — —
7,438.6 2,814.3 2,961.5 815.0
0.0 -1.9 2.8 -2.3
2,814.1 2,006.6 1,863.4 182.6
43,170.9 72,265.5 102,425.8 64,813.1
-6.52 -2.78 -1.82 -0.28
MGM China Holdings Ltd (2282 HK) - DuPont Analysis
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Tax Burden
Net Inc to Comn/Pre-Tax Profit % 100.40 99.98 87.73 109.95
Adjustment Factor
Normlzd Net Inc/Net Inc to Cmn — 1.02 1.05 1.00
Interest Burden
Pre-Tax Profit/EBIT % -99.10 82.74 95.31 95.73
Operating Margin
EBIT/Revenue % 2.17 15.22 19.33 19.77
Asset Turnover
Revenue/Avg Assets 0.75 1.20 1.77 1.59
Leverage Ratio
Avg Assets/Avg Equity 30.58 11.95 3.89 2.66
Adjusted Return on Equity -48.64 184.00 116.28 88.07
5 Year Average Adj ROE — — — —

Payout Ratio — 0.00 94.54 85.50
Sustainable Growth Rate — 180.82 6.08 12.73
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
99.72 99.72 99.47 99.51 87.94 138.25
1.00 1.00 1.03 1.05 1.25 1.57
96.26 99.46 96.20 98.50 100.00 54.15
21.60 22.60 18.94 20.78 18.22 7.43
1.57 1.46 0.89 0.61 0.45 0.54
2.65 2.72 3.45 4.04 4.05 4.11
85.97 89.02 56.87 52.44 37.00 19.27
85.14 112.67 87.24 74.47 64.26 50.92

107.54 89.29 30.40 34.92 34.89 34.85
-6.48 9.52 38.49 32.58 19.21 7.97
MGM China Holdings Ltd (2282 HK) - By Measure
In Millions of HKD except Per Share FY 2009 FY 2010 FY 2011
12 Months Ending 12/31/2009 12/31/2010 12/31/2011
Revenue 7,727.1 100.0% 12,434.7 100.0% 20,293.6 100.0%
Casino Revenue 7,455.9 96.5% 12,126.8 97.5% 19,974.6 98.4%
Mass Market Table Gaming Operations 2,433.3 31.5% 3,459.6 27.8% 4,574.9 22.5%
VIP Gaming Operations 4,342.2 56.2% 7,681.2 61.8% 13,815.4 68.1%
Slot Machine Operations 680.3 8.8% 986.0 7.9% 1,584.2 7.8%
Commissions, Complimentaries and Other — — —
Rooms 102.2 1.3% 101.2 0.8% 86.2 0.4%
Food and Beverages 138.1 1.8% 171.1 1.4% 189.0 0.9%
Retail and Other Services 30.9 0.4% 35.6 0.3% 43.9 0.2%
Revenue - Supplementary Breakdown — — —
MGM Macau — — —
MGM Cotai — — —
Adjusted EBITDA 1,179.3 100.0% 2,830.8 100.0% 4,933.0 100.0%
MGM Macau 1,179.3 100.0% 2,830.8 100.0% 4,933.0 100.0%
Depreciation and Amortization 793.1 100.0% 777.8 100.0% 746.6 100.0%
MGM Macau 793.1 100.0% 777.8 100.0% 746.6 100.0%
Total Square Feet/Meter — 29.0 100.0% 31.1 100.0%
MGM Macau Casino Floor Area — 29.0 100.0% 29.5 94.9%
MGM Macau Convention Space — — 1.6 5.1%
Number of Hotel Rooms — 587.00 ### 582.00 ###
Total Number of Hotel Rooms — 587.00 ### 582.00 ###
MGM Macau - Standard Rooms — 468.00 79.73% 468.00 80.41%
MGM Macau - Luxury Suites — 99.00 16.87% 99.00 17.01%
MGM Macau- Private Luxury Villas — 20.00 3.41% 15.00 2.58%
Average Occupancy — — —
MGM Macau 87.50 93.70 96.50
Average Daily Rate — — —
MGM Macau 1,426.00 1,658.00 —
Revenue per Available Room — — —
MGM Macau 1,373.00 1,709.00 2,149.00
Casinos Revenue 7,455.9 100.0% 12,126.8 100.0% 19,974.6 100.0%
MGM Macau 7,455.9 100.0% 12,126.8 100.0% 19,974.6 100.0%
VIP Gaming Operations 4,342.2 58.2% 7,681.2 63.3% 13,815.4 69.2%
Main Floor Gaming Operations 2,433.3 32.6% 3,459.6 28.5% 4,574.9 22.9%
Slot Machine Gaming Operations 680.3 9.1% 986.0 8.1% 1,584.2 7.9%
Casinos Number of Tables 411.00 ### 402.00 ### 420.00 ###
Total Number of Tables 411.00 ### 402.00 ### 420.00 ###
MGM Macau - Main Floor 263.00 63.99% 230.00 57.21% 220.00 52.38%
MGM Macau - VIP 148.00 36.01% 172.00 42.79% 200.00 47.62%
Casinos Table Win 9,370.5 100.0% 15,307.5 100.0% 25,810.3 100.0%
MGM Macau - VIP 6,927.2 73.9% 11,863.6 77.5% 21,244.1 82.3%
MGM Macau - Main Floor 2,443.3 26.1% 3,443.8 22.5% 4,566.2 17.7%
MGM Cotai - Main Floor — — —
MGM Cotai - VIP — — —
Casinos Table Win % — — —
MGM Macau - Main Floor 20.70 23.60 26.70
MGM Macau - VIP 2.50 2.90 3.00
Casinos Table Drop — — —
MGM Macau - VIP 274,451.0 407,610.7 701,305.4
MGM Macau - Main Floor 11,787.3 14,617.4 17,095.5
Casinos Number of Slot Machines 896.00 ### 1,006.00 ### 1,184.00 ###
MGM Macau 896.00 ### 1,006.00 ### 1,184.00 ###
Casinos Slot Machine Win 682.6 100.0% 992.3 100.0% 1,589.6 100.0%
MGM Macau 682.6 100.0% 992.3 100.0% 1,589.6 100.0%
Casinos Slot Machine Win % — — —
MGM Macau 6.10 5.60 5.60
Casinos Slot Machine Handle 11,260.2 100.0% 17,735.5 100.0% 28,353.7 100.0%
MGM Macau 11,260.2 100.0% 17,735.5 100.0% 28,353.7 100.0%
Room Revenue 102.2 100.0% 101.2 100.0% 86.2 100.0%
MGM Macau 102.2 100.0% 101.2 100.0% 86.2 100.0%
Win per Unit per Day — — —
MGM Macau - VIP 127,900.00 188,600.00 291,500.00
MGM Macau - Main Floor 25,400.00 41,100.00 56,800.00
MGM Macau - Slot Machine 2,100.00 2,700.00 3,700.00
MGM Cotai - Slot Machine — — —
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016
21,773.6 100.0% 25,727.5 100.0% 25,454.3 100.0% 17,170.5 100.0% 14,907.5
21,454.5 98.5% 25,412.4 98.8% 25,137.9 98.8% 16,841.6 98.1% 14,606.1
5,688.8 26.1% 7,162.7 27.8% 9,596.7 37.7% 7,644.6 44.5% 7,758.6
13,672.9 62.8% 15,995.6 62.2% 13,509.7 53.1% 7,575.9 44.1% 5,593.1
2,092.8 9.6% 2,254.0 8.8% 2,031.6 8.0% 1,621.1 9.4% 1,254.4
— — — — —
65.1 0.3% 45.4 0.2% 42.1 0.2% 71.2 0.4% 79.0
207.8 1.0% 220.2 0.9% 227.5 0.9% 207.4 1.2% 167.1
46.2 0.2% 49.6 0.2% 46.7 0.2% 50.2 0.3% 55.3
21,773.6 100.0% 25,727.5 100.0% 25,137.9 100.0% 17,170.5 100.0% 14,907.5
21,773.6 100.0% 25,727.5 100.0% 25,137.9 100.0% 17,170.5 100.0% 14,907.5
— — — — —
5,310.4 100.0% 6,365.6 100.0% 6,662.9 100.0% 4,669.0 100.0% 4,491.8
5,310.4 100.0% 6,365.6 100.0% 6,662.9 100.0% 4,669.0 100.0% 4,491.8
— — — — —
793.5 100.0% 767.7 100.0% 799.6 100.0% 805.7 100.0% 771.7
793.5 100.0% 767.7 100.0% 799.6 100.0% 805.7 100.0% 771.7
27.1 100.0% 27.3 100.0% 27.1 100.0% 27.1 100.0% 31.7
25.5 94.1% 25.7 94.1% 25.5 94.1% 25.5 94.1% 30.1
1.6 5.9% 1.6 5.9% 1.6 5.9% 1.6 5.9% 1.6
582.00 ### 582.00 ### 582.00 ### 579.00 ### 582.00
— — — — —
— — — — —
582.00 ### 582.00 ### 582.00 ### 579.00 ### 582.00
468.00 80.41% 468.00 80.41% 468.00 80.41% 468.00 80.83% 468.00
99.00 17.01% 99.00 17.01% 99.00 17.01% 99.00 17.10% 99.00
15.00 2.58% 15.00 2.58% 15.00 2.58% 12.00 2.07% 15.00
— — — — —
97.80 98.30 98.70 97.70 95.40
— — — — —
— — — — —
— — — — —
— — — — —
2,097.00 2,078.00 2,302.00 2,330.00 2,161.00
— — — — —
21,454.5 100.0% 25,412.4 100.0% 25,137.9 100.0% 16,841.6 100.0% 14,606.1
21,454.5 100.0% 25,412.4 100.0% 25,137.9 100.0% 16,841.6 100.0% 14,606.1
13,672.9 63.7% 15,995.6 62.9% 13,509.7 53.7% 7,575.9 45.0% 5,593.1
5,688.8 26.5% 7,162.7 28.2% 9,596.7 38.2% 7,644.6 45.4% 7,758.6
2,092.8 9.8% 2,254.0 8.9% 2,031.6 8.1% 1,621.1 9.6% 1,254.4
419.00 ### 422.00 ### 423.00 ### 421.00 ### 416.00
419.00 ### 422.00 ### 423.00 ### 421.00 ### 416.00
— — — — —
— — — — —
201.00 47.97% 189.00 44.79% 207.00 48.94% 245.00 58.19% 254.00
218.00 52.03% 233.00 55.21% 216.00 51.06% 176.00 41.81% 162.00
27,158.1 100.0% 32,362.5 100.0% 30,900.8 100.0% 19,294.5 100.0% 16,319.9
21,491.7 79.1% 25,243.8 78.0% 21,372.6 69.2% 11,737.1 60.8% 8,631.1
5,666.4 20.9% 7,118.7 22.0% 9,528.2 30.8% 7,557.4 39.2% 7,688.8
— — — — —
— — — — —
— — — — —
— — — — —
29.90 34.20 26.30 — 18.80
— — — — —
3.10 2.80 2.80 3.30 3.20
— — — — —
701,917.5 894,592.7 771,690.4 354,321.2 268,684.7
18,944.5 20,847.4 36,188.8 — 40,799.6
— — — — —
— — — — —
1,272.00 ### 1,368.00 ### 1,197.00 ### 1,174.00 ### 1,060.00
— — — — —
1,272.00 ### 1,368.00 ### 1,197.00 ### 1,174.00 ### 1,060.00
2,098.9 100.0% 2,262.9 100.0% 2,032.5 100.0% 1,611.7 100.0% 1,257.3
2,098.9 100.0% 2,262.9 100.0% 2,032.5 100.0% 1,611.7 100.0% 1,257.3
— — — — —
— — — — —
5.50 5.10 4.40 4.60 4.40
— — — — —
38,222.5 100.0% 44,410.0 100.0% 45,885.2 100.0% 35,259.5 100.0% 28,814.9
38,222.5 100.0% 44,410.0 100.0% 45,885.2 100.0% 35,259.5 100.0% 28,814.9
— — — — —
65.1 100.0% 45.4 100.0% 42.1 100.0% 71.2 100.0% 79.0
65.1 100.0% 45.4 100.0% 42.1 100.0% 71.2 100.0% 79.0
— — — — —
269,000.00 296,800.00 271,300.00 182,200.00 145,600.00
— — — — —
77,000.00 103,300.00 126,400.00 84,500.00 82,800.00
— — — — —
4,500.00 4,500.00 4,700.00 3,800.00 3,200.00
— — — — —
FY 2016 FY 2017 FY 2018
12/31/2016 12/31/2017 12/31/2018
100.0% 14,480.5 100.0% 19,200.7 100.0%
98.0% 13,557.4 93.6% 17,176.1 89.5%
52.0% 8,138.8 56.2% 10,905.5 56.8%
37.5% 8,566.6 59.2% 9,682.3 50.4%
8.4% 1,406.6 9.7% 2,233.0 11.6%
-4,554.5 -31.5% -5,644.9 -29.4%
0.5% 441.8 3.1% 956.4 5.0%
1.1% 400.1 2.8% 900.5 4.7%
0.4% 81.2 0.6% 167.8 0.9%
100.0% 14,480.5 100.0% 19,200.7 100.0%
100.0% 14,480.5 100.0% 13,488.7 70.3%
— 5,712.0 29.7%
100.0% 4,587.4 100.0% 4,837.2 100.0%
100.0% 4,587.4 100.0% 3,983.2 82.3%
— 854.0 17.7%
100.0% 799.0 100.0% 2,150.3 100.0%
100.0% 799.0 100.0% 2,150.3 100.0%
100.0% 33.7 100.0% 36.0 100.0%
94.9% 32.1 95.3% 34.4 95.6%
5.1% 1.6 4.7% 1.6 4.4%
### 582.00 ### 1,947.00 ###
— 1,362.00 69.95%
— 585.00 30.05%
### 582.00 ### —
80.41% 468.00 80.41% —
17.01% 99.00 17.01% —
2.58% 15.00 2.58% —
— —
96.00 96.80
— 90.40
— —
— —
— —
2,052.00 1,941.00
— 1,290.00
100.0% 18,112.0 100.0% 16,924.8 100.0%
100.0% 18,112.0 100.0% 16,924.8 100.0%
38.3% 8,566.6 47.3% 8,415.5 49.7%
53.1% 8,138.8 44.9% 7,004.5 41.4%
8.6% 1,406.6 7.8% 1,504.8 8.9%
### 427.00 ### 527.00 ###
### 427.00 ### 527.00 ###
427.00 ### 291.00 55.22%
— 236.00 44.78%
61.06% — —
38.94% — —
100.0% 16,705.4 100.0% 20,587.9 100.0%
52.9% 8,566.6 51.3% 8,415.5 40.9%
47.1% 8,138.8 48.7% 7,004.5 34.0%
— 3,901.0 18.9%
— 1,266.8 6.2%
— —
— 19.50
20.20 17.80
— 3.35
3.18 3.00
— —
269,103.0 280,359.0
40,200.3 39,303.7
— 37,836.4
— 19,997.1
### 923.00 ### 2,024.00 ###
— 1,218.00 60.18%
### 923.00 ### 806.00 39.82%
100.0% 1,406.6 100.0% 2,233.0 100.0%
100.0% 1,406.6 100.0% 1,504.8 67.4%
— 728.3 32.6%
— —
4.50 4.40
— 3.10
100.0% 31,025.8 100.0% 58,329.6 100.0%
100.0% 31,025.8 100.0% 34,555.3 59.2%
— 23,774.3 40.8%
100.0% 75.2 100.0% 956.4 100.0%
100.0% 75.2 100.0% 956.4 100.0%
— —
162,100.00 210,500.00
— 173,600.00
82,500.00 83,700.00
— 72,700.00
3,800.00 4,000.00
— 1,900.00
MGM China Holdings Ltd (2282 HK) - By Geography
In Millions of HKD except Per Share FY 2009 FY 2010 FY 2011
12 Months Ending 12/31/2009 12/31/2010 12/31/2011
Revenue 7,727.1 100.0% 12,434.7 100.0% 20,293.6 100.0%
Macau 7,727.1 100.0% 12,434.7 100.0% 20,293.6 100.0%
Assets 2,955.7 100.0% 3,293.0 100.0% 6,284.6 100.0%
Macau 2,955.7 100.0% 3,293.0 100.0% 6,284.6 100.0%
Long-Term Assets 7,512.0 100.0% 6,931.1 100.0% 6,404.5 100.0%
Macau 7,512.0 100.0% 6,931.1 100.0% 6,404.5 100.0%
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016
21,773.6 100.0% 25,727.5 100.0% 25,454.3 100.0% 17,170.5 100.0% 14,907.5
21,773.6 100.0% 25,727.5 100.0% 25,454.3 100.0% 17,170.5 100.0% 14,907.5
14,780.6 100.0% 18,087.5 100.0% 16,827.8 100.0% 21,954.8 100.0% 27,080.2
14,780.6 100.0% 18,087.5 100.0% 16,827.8 100.0% 21,954.8 100.0% 27,080.2
6,776.9 100.0% 9,387.9 100.0% 11,919.9 100.0% 16,013.6 100.0% 23,038.2
6,776.9 100.0% 9,387.9 100.0% 11,919.9 100.0% 16,013.6 100.0% 23,038.2
FY 2016 FY 2017 FY 2018
12/31/2016 12/31/2017 12/31/2018
100.0% 14,480.5 100.0% 19,200.7 100.0%
100.0% 14,480.5 100.0% 19,200.7 100.0%
100.0% 36,606.5 100.0% 35,132.6 100.0%
100.0% 36,606.5 100.0% 35,132.6 100.0%
100.0% 30,795.4 100.0% 30,474.6 100.0%
100.0% 30,795.4 100.0% 30,474.6 100.0%
MGM China Holdings Ltd (2282 HK) - By Segment
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Casino Revenue
Revenue 7,455.9 12,126.8 19,974.6 21,454.5
Depreciation and Amortization 793.1 777.8 746.6 793.5
Revenue - Supplementary Breakdown — — — 21,773.6
Total Square Feet/Meter — 29.0 29.5 25.5
Average Occupancy 87.50 93.70 96.50 97.80
Revenue per Available Room 1,373.00 1,709.00 2,149.00 2,097.00
Casinos Revenue 7,455.9 12,126.8 19,974.6 21,454.5
Casinos Number of Tables 411.00 402.00 420.00 419.00
Casinos Table Win 6,927.2 11,863.6 21,244.1 21,491.7
Casinos Table Win % 2.50 2.90 3.00 3.10
Casinos Table Drop 274,451.0 407,610.7 701,305.4 701,917.5
Casinos Number of Slot Machines 896.00 1,006.00 1,184.00 1,272.00
Casinos Slot Machine Win 682.6 992.3 1,589.6 2,098.9
Casinos Slot Machine Win % 6.10 5.60 5.60 5.50
Casinos Slot Machine Handle 11,260.2 17,735.5 28,353.7 38,222.5
Adjusted EBITDA 1,179.3 2,830.8 4,933.0 5,310.4
Win per Unit per Day 127,900.00 188,600.00 291,500.00 269,000.00
Room Revenue 102.2 101.2 86.2 65.1
Number of Hotel Rooms — 587.00 582.00 582.00
Average Daily Rate 1,426.00 1,658.00 — —
Food and Beverages
Revenue 138.1 171.1 189.0 207.8
Retail and Other Services
Revenue 30.9 35.6 43.9 46.2
Rooms
Revenue 102.2 101.2 86.2 65.1
MGM Cotai
Revenue - Supplementary Breakdown — — — —
Number of Hotel Rooms — — — —
Average Occupancy — — — —
Revenue per Available Room — — — —
Casinos Table Win — — — —
Casinos Table Win % — — — —
Casinos Table Drop — — — —
Casinos Number of Slot Machines — — — —
Casinos Slot Machine Win — — — —
Casinos Slot Machine Win % — — — —
Casinos Slot Machine Handle — — — —
Adjusted EBITDA — — — —
Win per Unit per Day — — — —
MGM Macau Convention Space
Total Square Feet/Meter — — 1.6 1.6
Casinos Table Win 2,443.3 3,443.8 4,566.2 5,666.4
Casinos Table Win % 20.70 23.60 26.70 29.90
Casinos Table Drop 11,787.3 14,617.4 17,095.5 18,944.5
MGM Macau
Number of Hotel Rooms — — — —
Casinos Table Win — — — —
Casinos Table Win % — — — —
Casinos Table Drop — — — —
MGM Macau - Slot Machine
MGM Cotai - Slot Machine
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
25,412.4 25,137.9 16,841.6 14,606.1 13,557.4 17,176.1

767.7 799.6 805.7 771.7 799.0 2,150.3
25,727.5 25,137.9 17,170.5 14,907.5 14,480.5 13,488.7
25.7 25.5 25.5 30.1 32.1 34.4
98.30 98.70 97.70 95.40 96.00 96.80
2,078.00 2,302.00 2,330.00 2,161.00 2,052.00 1,941.00
25,412.4 25,137.9 16,841.6 14,606.1 18,112.0 16,924.8
422.00 423.00 421.00 416.00 427.00 527.00
25,243.8 21,372.6 11,737.1 8,631.1 8,566.6 8,415.5
2.80 2.80 3.30 3.20 3.18 3.00
894,592.7 771,690.4 354,321.2 268,684.7 269,103.0 280,359.0
1,368.00 1,197.00 1,174.00 1,060.00 923.00 806.00
2,262.9 2,032.5 1,611.7 1,257.3 1,406.6 1,504.8
5.10 4.40 4.60 4.40 4.50 4.40
44,410.0 45,885.2 35,259.5 28,814.9 31,025.8 34,555.3
6,365.6 6,662.9 4,669.0 4,491.8 4,587.4 3,983.2
296,800.00 271,300.00 182,200.00 145,600.00 162,100.00 210,500.00
45.4 42.1 71.2 79.0 75.2 956.4
582.00 582.00 579.00 582.00 582.00 —
— — — — — —
220.2 227.5 207.4 167.1 400.1 900.5
49.6 46.7 50.2 55.3 81.2 167.8
45.4 42.1 71.2 79.0 441.8 956.4
— — — — — 5,712.0
— — — — — 1,362.00
— — — — — 90.40
— — — — — 1,290.00
— — — — — 1,266.8
— — — — — 3.35
— — — — — 37,836.4
— — — — — 1,218.00
— — — — — 728.3
— — — — — 3.10
— — — — — 23,774.3
— — — — — 854.0
— — — — — 173,600.00
1.6 1.6 1.6 1.6 1.6 1.6
7,118.7 9,528.2 7,557.4 7,688.8 8,138.8 7,004.5
34.20 26.30 — 18.80 20.20 17.80
20,847.4 36,188.8 — 40,799.6 40,200.3 39,303.7
103,300.00 126,400.00 84,500.00 82,800.00 82,500.00 83,700.00
— — — — — 585.00
— — — — — 3,901.0
— — — — — 19.50
— — — — — 19,997.1
— — — — — 72,700.00
4,500.00 4,700.00 3,800.00 3,200.00 3,800.00 4,000.00
— — — — — 1,900.00
MGM China Holdings Ltd (2282 HK) - Benchmark
In Millions of HKD except Per Share CY 2010 CY 2011 CY 2012 CY 2013
12 Months Ending 12/31/2010 12/30/2011 12/31/2012 12/31/2013
Return on Common Equity — — 87.76 85.92
Hong Kong Hang Seng Index 14.86 14.67 13.53 13.57
Return on Capital — — 50.88 54.19
Operating Margin — — 20.35 21.55
Price/EPS — — 11.78 23.64
Price/Book — — 9.01 19.34
Periodic EV to Trailing 12M EBITDA — — 9.55 19.32
Net Debt/EBITDA — — -0.65 -0.61
Hong Kong Hang Seng Index 1.17 0.07 -0.10 -0.69
Source: Bloomberg
CY 2014 CY 2015 CY 2016 CY 2017 CY 2018 CY 2019
12/31/2014 12/31/2015 12/30/2016 12/29/2017 12/31/2018 12/31/2019
88.86 55.30 50.06 29.50 12.24 —
14.52 11.70 9.63 11.24 12.03 11.45
54.61 23.87 15.98 9.61 6.07 —
6.38 5.61 4.57 5.10 5.73 5.14
22.66 19.11 20.79 18.12 7.47 —
19.42 20.18 18.93 21.05 22.18 22.07
13.15 11.83 20.10 38.71 46.76 45.27
9.89 10.66 12.24 12.39 10.12 11.03
11.82 7.50 8.47 10.56 5.58 5.40
1.32 1.17 1.15 1.37 1.20 1.23
11.39 10.57 18.67 29.92 18.08 —
8.10 8.46 8.71 9.32 7.68 9.18
-0.02 1.54 2.88 3.67 4.15 —
-0.30 0.02 -0.21 -0.19 -0.01 0.36
MGM China Holdings Ltd (2282 HK) - Contractual Obligations
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Debt Schedule
Debt Schedule - Years 2 - 3 2,939.1 214.5 620.4 0.0
Debt Schedule - Years 2 - 5 2,719.4 5,672.2 3,308.9 3,983.0
Debt Schedule - Total Debt 6,721.2 5,886.7 4,136.1 3,983.0
Net Debt 6,295.6 3,964.0 -1,454.3 -3,398.3
Capital Leases Schedule

Total Future Value of Capital Leases 0.0 0.0 0.0 0.0
Present Value of ST Capital Leases 0.0 0.0 0.0 0.0
Present Value of LT Capital Leases 0.0 0.0 0.0 0.0
Total Present Value of Capital Leases 0.0 0.0 0.0 0.0
Operating Leases (Rental Expense) Schedule

Rental Expense - Year 1 25.0 22.0 27.8 28.7
Rental Expense - Years 2 - 5 29.4 21.0 27.3 29.1
Rental Expense Beyond Year 5 46.3 43.4 40.6 37.7
Future Min Oper Lease Obligations 100.7 86.5 95.7 95.6
Contractual Obligations Schedule
Purchase Obligations 21.9 30.9 29.2 1,276.4
Lines of Credit
Line Of Credit Utilized — — — —
Total Available Line of Credit — — 3,120.0 11,310.0
Commercial Paper
Total Commercial Paper Issued — — — —
Contingent Liabilities 645.6 446.4 453.9 1,701.0

Source: Bloomberg
gations
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
0.0 0.0 0.0 604.5 6,045.0 780.0

0.0 1,072.5 604.5 6,045.0 11,940.5 3,120.0
0.0 1,072.5 604.5 6,045.0 11,940.5 3,120.0
4,049.2 3,217.5 11,485.5 8,340.5 0.0 12,820.0
4,049.2 4,118.2 11,732.0 14,104.1 17,839.2 18,873.2
-3,835.6 -114.0 6,310.9 11,161.5 12,555.8 14,881.1
0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
31.8 29.7 29.5 25.9 47.7 71.2

44.2 36.3 46.2 74.7 88.5 97.8
135.6 127.4 119.3 4.8 103.0 94.9
211.6 193.5 195.1 105.3 239.2 263.9
9,626.8 8,814.9 6,164.8 4,224.3 642.6 144.4
— — — — 23,400.0 11,310.0
— — — — 18,590.0 7,020.0
11,310.0 11,310.0 11,310.0 8,410.0 4,810.0 4,290.0
— — — — — —
10,167.5 9,337.6 6,689.1 4,632.5 1,184.4 707.5

MGM China Holdings Ltd (2282 HK) - Options
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Options Activity
Options Exercised — — — 0.0
Options Cancelled Forfeited or Expired — — — 1.0
Options Cancelled/Forfeited — — — 1.0
Options Expired — — — 0.0
Options Adjustment — — — 0.0
Options Outstanding End Of Period 0.0 — 19.3 19.2
Options Exercisable End of Period — — 0.0 4.6
Price
Stock Option Valuation Model — — 1.00 1.00
Assumptions
Stock Expense
Expense For Stock-Based Compensation 0.0 0.0 50.2 67.2
Stock Option Expense (After Tax) — — — —
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
1.1 19.9 16.5 30.2 13.8 10.3

2.7 1.0 0.0 0.5 — 2.7
0.7 0.8 2.4 5.3 3.2 2.0
0.7 0.8 2.4 5.3 3.2 2.0
0.0 0.0 0.0 0.0 — —
0.0 0.0 0.0 0.0 — —
16.9 35.1 49.2 73.6 77.1 82.7
6.5 10.2 18.0 24.5 77.1 82.7
1.00 1.00 1.00 1.00 1.00 1.00
34.5 69.7 85.5 73.0 79.9 76.6

— — — — — —
MGM China Holdings Ltd (2282 HK) - Employee Data
12 Months Ending 12/31/2009 12/31/2011 12/31/2012 12/31/2013
Number of Employees 5,539.00 5,800.00 5,670.00 6,062.00
Employees - 1 Yr Growth — — -2.24 6.91
Actual Net Income per Employee -30,173.50 565,355.17 799,088.01 879,829.76
Actual Assets per Employee 1,889,808.81 2,187,768.10 2,606,803.70 2,983,749.26
Actual Cash Flow per Employee 134,781.19 1,064,238.28 1,053,464.02 1,209,434.68
Source: Bloomberg
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
6,101.00 5,937.00 5,960.00 9,266.00 10,735.00
0.64 -2.69 0.39 55.47 15.85
4,172,151.45 2,892,109.31 2,501,253.02 1,562,759.77 1,788,609.32
935,411.08 524,257.20 509,481.21 250,397.69 99,534.14
2,758,210.95 3,697,957.89 4,543,659.40 3,950,626.16 3,272,713.09
824,952.14 497,892.20 401,484.40 717,276.93 134,252.45
MGM China Holdings Ltd (2282 HK) - Fixed Charge
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
EBIT/Interest Expense 1.09 6.19 21.56 24.11
EBIT/Total Interest Expense 1.03 6.19 21.56 24.11
Degree of Financial Leverage 12.23 1.19 1.05 1.04
EBITDA less CAPEX /Interest Exp 2.65 7.79 23.96 22.77
EBITDA/Total Interest Expense 3.27 8.57 25.61 28.42
T12M CFO/Total Debt 0.09 0.54 1.49 1.50

T12M FCF/Total Debt 0.06 0.49 1.42 1.24
Operating Income/Total Debt 0.04 0.34 0.96 1.11
Net Debt to T12M EBITDA 5.44 1.42 -0.31 -0.65
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
26.71 186.21 26.50 66.67 — 2.19
19.14 22.07 7.55 5.76 3.81 1.72
1.04 1.01 1.04 1.02 1.00 1.84
15.11 14.59 -0.96 -4.30 -4.89 0.87
21.79 25.13 9.40 7.19 4.97 4.30
1.81 1.22 0.25 0.16 0.37 0.08

1.33 0.55 -0.13 -0.26 -0.01 -0.08
1.37 1.40 0.28 0.21 0.15 0.08
0.64 0.63 2.87 3.80 5.21 5.26
-0.61 -0.02 1.54 2.88 3.67 4.15
MGM China Holdings Ltd (2282 HK) - CAPEX & Depreciation
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Depreciation Expenses 666.5 650.5 619.7 666.3
Depr Exp / Net Sales 8.63 5.23 3.05 3.06
Depr Exp / Net Fixed Assets 0.10 0.11 0.11 0.12
Accum Depr / Total Assets 12.17 17.79 18.76 20.23
Accum Depr / Gross Fixed Assets 17.02 24.01 30.78 35.60
Capitalized Int Exp 19.8 0.0 — —
Cap Interest/Pretax Income — 0.00 — —
Capital Expenditures -218.8 -253.6 -303.4 -1,039.2
CAPEX/Sales 2.83 2.04 1.50 4.77
CAPEX/Total Assets 2.14 2.45 2.65 7.57
Capital Expend / Depr Exp 0.33 0.39 0.49 1.56
CAPEX to Depreciation Expense 5 Year Av — — — 0.70
Total Capital Expenditures - 1 Yr Growth -44.56 15.93 19.64 242.50
Average Age of Assets in Years 1.91 2.80 3.84 4.49
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
640.8 672.7 678.8 644.5 672.1 2,023.4
2.49 2.64 3.95 4.32 4.64 10.54
0.09 0.07 0.05 0.03 0.03 0.07
19.77 23.95 20.95 18.51 15.11 20.96
30.38 26.90 23.25 18.24 15.43 19.64
82.1 230.4 310.9 491.7 688.9 178.8
1.53 4.03 9.94 16.11 26.11 23.13
-1,935.9 -2,753.8 -4,504.1 -6,186.9 -6,794.3 -2,861.7
7.52 10.82 26.23 41.50 46.92 14.90
11.78 15.77 23.23 25.23 21.34 7.98
3.02 4.09 6.64 9.60 10.11 1.41
1.16 1.91 3.16 4.98 6.69 6.37
86.28 42.25 63.56 37.36 9.82 -57.88
5.58 5.99 6.78 7.78 8.23 3.64
MGM China Holdings Ltd (2282 HK) - Overview
12 Months Ending 12/31/2012 12/31/2013 12/31/2014 12/31/2015
Number of Employees 5,670.00 6,062.00 6,101.00 5,937.00
Last Price 14.02 33.10 19.72 9.70

Shares Outstanding 3,800.0 3,800.0 3,800.0 3,800.0
Revenue 21,773.6 25,727.5 25,454.3 17,170.5

EBITDA 5,225.3 6,311.3 6,568.3 4,086.2
Trailing 12M EBITDA Margin 24.00 24.53 25.80 23.80
Net Income (Losses) 4,530.8 5,333.5 5,706.9 3,112.5
Trailing 12M Earnings per Share 1.19 1.40 1.50 0.82
Price/T12M Earnings per Share 11.78 23.64 13.15 11.83

Dividend Payout Ratio 85.50 107.54 89.29 30.40
Dividend Yield 5.82 3.78 7.91 12.55
Net Fixed Assets 5,409.1 8,195.2 10,949.6 15,189.4

Total Assets 14,780.6 18,087.5 16,827.8 21,954.8
Total Equity 5,911.3 6,503.5 6,341.5 4,915.1
Book Value per Share 1.56 1.71 1.67 1.29
Price/Book Value per Share 9.01 19.34 11.82 7.50
Net Tangible Assets per Share 1.31 1.50 1.49 1.15
Altman's Z-Score 6.94 9.58 7.38 2.88
Cash From Operations 5,973.1 7,331.6 5,033.0 2,956.0

Cash Flow per Share 1.57 1.93 1.32 0.78
Free Cash Flow 4,933.9 5,395.7 2,279.2 -1,548.1
Free Cash Flow per Basic Share 1.30 1.42 0.60 -0.41
Net Changes in Cash 1,791.0 503.4 -3,652.6 1,188.9
Source: Bloomberg
12/31/2016 12/31/2017 12/31/2018 01/24/2020 12/31/2019 12/31/2020
IAS/IFRS IAS/IFRS IAS/IFRS
5,960.00 9,266.00 10,735.00
16.08 23.65 13.14 12.30

3,800.0 3,800.0 3,800.0
61,104.0 89,870.0 49,932.0 46,740.0
14,907.5 14,480.5 19,200.7 22,845.7 24,425.5

3,870.8 3,423.2 3,585.3 5,879.1 6,404.1
25.97 23.64 18.67 25.73 26.22
3,036.5 2,320.2 1,068.5 2,232.8 2,883.6
0.80 0.61 0.28 0.60 0.78
20.10 38.71 46.76 33.72 20.53 15.71
0.28 0.21 0.10 0.25 0.33

34.92 34.89 34.85 40.90 42.53
1.32 1.17 1.23 1.04
22,470.3 30,311.3 30,125.0

27,080.2 36,606.5 35,132.6
19,863.5 28,094.1 26,186.8
7,216.7 8,512.4 8,945.8
1.90 2.24 2.35 2.80 3.23
8.47 10.56 5.58 4.73 4.40 3.80
1.79 2.17 2.31
3.01 2.49 2.00 2.34
2,392.8 6,646.3 1,441.2

0.63 1.75 0.38 1.64 1.62
-3,794.0 -148.0 -1,420.5 3,568.0 4,470.5
-1.00 -0.04 -0.37
-1,873.9 1,736.3 -1,291.3
MGM China Holdings Ltd (2282 HK) - As Reported Summary
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Income Statement
Revenues
Total Revenue 7,727.1 12,434.7 20,293.6 21,773.6
Interest Income -0.3 -1.3 -11.9 -38.0
Expenses
Total Operating Expenses — — — —
Earnings
Net Income -167.1 1,566.0 3,279.1 4,530.8
Balance Sheet
Assets
Liabilities
Total Liabilities — — — —
Stockholder Equity
Total Liabilities and Shareholders Equity — — — —
Cash Flows
Cash From Operating Activities
Total Cash Flows From Operations 1,012.7 3,359.5 6,354.9 6,134.7
Cash From Investing Activities
Total Cash Flows From Investing -243.1 -255.1 -301.9 -1,081.4
Total Cash Flows From Financing -242.4 -3,157.4 -2,385.3 -3,262.3
Net Change In Cash 527.2 -53.0 3,667.7 1,791.0
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
25,727.5 25,454.3 17,170.5 14,907.5 14,480.5 19,200.7

-24.5 -12.6 -12.1 -6.5 -5.0 -12.1
— — — — — —
5,543.6 5,768.7 3,280.5 3,099.1 2,624.2 1,435.0

5,333.5 5,706.9 3,112.5 3,036.5 2,320.2 1,068.5
8,699.6 4,908.0 5,941.2 4,042.0 5,811.1 4,658.0

— — — 27,080.2 36,606.5 35,132.6
6,973.4 5,856.9 4,850.4 5,492.2 15,695.9 8,058.0

— — — 19,863.5 28,094.1 26,186.8
6,503.5 6,341.5 4,915.1 7,216.7 8,512.4 8,945.8

— — — 27,080.2 36,606.5 35,132.6
7,528.1 5,199.0 3,209.9 2,762.4 7,157.9 2,159.0
-2,052.3 -2,748.5 -4,581.2 -6,273.3 -6,773.4 -2,915.1
-4,972.3 -6,103.2 2,560.2 1,638.9 1,349.0 -532.9

503.4 -3,652.6 1,188.9 -1,872.1 1,733.4 -1,289.0
MGM China Holdings Ltd (2282 HK) - Dividend Summary
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Dividends per Share - 5 Yr Geo Growth — — — —
Dividend Yield — 5.82 3.78 7.91
Dividend Payout Ratio 94.54 85.50 107.54 89.29
Cash Dividend Coverage 1.06 1.17 0.93 1.12
Dividends Paid -475.7 -3,100.8 -4,750.0 -5,928.2
Total Cash Preferred Dividends 0.0 0.0 0.0 0.0
Trailing 12M Preferred Dividends 0.0 0.0 0.0 0.0
Trailing 12M Common Dividends 3,100.0 3,873.8 5,735.8 5,095.8
Trailing 12M Dividends Per Share 0.00 0.00 0.49 0.53
Source: Bloomberg
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
0.25 0.28 0.21 0.10 0.25 0.33
— — — -27.52
12.55 1.32 1.17 1.23
30.40 34.92 34.89 34.85 40.90 42.53
3.29 2.86 2.87 2.87
-4,624.6 -805.6 -1,048.8 -611.8
0.0 0.0 0.0 0.0
946.2 1,060.2 809.4 372.4
0.0 0.0 0.0 0.0
946.2 1,060.2 809.4 372.4
0.25 0.28 0.21 0.10
MGM China Holdings Ltd (2282 HK) - Sources of Capital
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Net Change Short Term Debt 661.7 -1,062.7 206.8 -206.8
Net Change Long Term Debt -280.4 -1,321.9 -1,957.4 53.7
Net Change in Other Liabilities 235.4 911.6 1,282.3 747.3
Net Change in Liabilities 616.7 -1,473.0 -468.3 594.3
Net Change in Liabilities % of Total 137.18 604.96 -19.00 28.41
Reinvested Earnings -167.1 1,566.0 179.1 657.0

External Equity Financing 0.0 -336.5 2,754.1 840.2
Net Change in Total Equity -167.1 1,229.5 2,933.2 1,497.3
Increase In Equity % of Total -37.18 -504.96 119.00 71.59
Total Lines of Credit — — — —

Total Available Lines Of Credit — — 3,120.0 11,310.0
Capital Employed 6,158.6 6,193.5 7,752.9 8,526.5
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
0.0 0.0 0.0 604.5 5,440.5 -5,265.0
66.2 69.0 7,613.8 2,372.2 -2,309.9 6,299.0
2,648.6 -1,166.7 -1,060.4 -152.9 5,100.0 -2,941.3
2,714.8 -1,097.7 6,553.4 2,823.8 8,230.6 -1,907.4
82.09 87.14 127.82 55.09 86.40 129.41
-402.3 611.1 2,166.3 1,976.3 1,510.8 696.1

994.4 -773.1 -3,592.8 325.3 -215.1 -262.7
592.1 -161.9 -1,426.5 2,301.6 1,295.7 433.4
17.91 12.86 -27.82 44.91 13.60 -29.41
— — — — 23,400.0 11,310.0
11,310.0 11,310.0 11,310.0 8,410.0 4,810.0 4,290.0
9,921.4 10,000.6 16,280.1 21,020.1 20,426.4 26,724.9
MGM China Holdings Ltd (2282 HK) - Comprehensive Income
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Net Income -167.1 1,566.0 3,279.1 4,530.8
+ Foreign Curr Transl Adj - Other Compre 0.0 0.0 0.0 0.0
+ Unrealized Gain (Loss) 0.0 0.0 0.0 0.0
+ Pension Related Adjust Other Comprehe 0.0 0.0 0.0 0.0
+ Oth Adj-Oth Comp Inc 0.0 0.0 0.0 0.0
+ Inc Tax Exp-Oth Comp Inc 0.0 0.0 0.0 0.0
Comprehensive Income -167.1 1,566.0 3,279.1 4,530.8
Basic Comprehensive EPS 0.00 — 0.86 1.19

Basic EPS — — 0.86 1.19
Basic Weighted Avg Shares — — 3,800.0 3,800.0
Source: Bloomberg
Income
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
5,333.5 5,706.9 3,112.5 3,036.5 2,320.2 1,068.5
0.0 0.0 0.0 -1.9 2.6 -3.5
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
5,333.5 5,706.9 3,112.5 3,034.7 2,322.7 1,065.0
1.40 1.50 0.82 0.80 0.61 0.28

1.40 1.50 0.82 0.80 0.61 0.28
3,800.1 3,800.1 3,800.0 3,800.0 3,800.2 3,800.2
MGM China Holdings Ltd (2282 HK) - Overview
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
ESG Disclosure Score 11.16 11.16 22.31 30.58
Environmental
Environmental Disclosure Score — — 9.30 22.48
Total GHG Emissions — — — —
Total Energy Consumption — — — —

Total Water Use — — 729.9 737.2
Hazardous Waste — — — —
Total Waste — — 4.4 5.0
Social
Social Disclosure Score — — 22.81 28.07
Number of Employees — — 6,062.00 6,101.00
% Women in Workforce — — — —
Fatalities - Contractors — — — —
Fatalities - Employees — — — —
Fatalities - Total — — — —
Community Spending — — 11.2 8.9
Governance
Governance Disclosure Score 48.21 48.21 51.79 51.79
Size of the Board 11.00 12.00 12.00 12.00
Indep Directors 3.00 4.00 4.00 4.00
% Indep Directors 27.27 33.33 33.33 33.33
Board Duration (Years) 3.00 3.00 3.00 3.00
# Board Meetings 2.00 6.00 6.00 6.00
Board Mtg Attendance 95.45 92.42 84.72 94.44
Source: Bloomberg
FY 2015 FY 2016 FY 2017 FY 2018
12/31/2015 12/31/2016 12/31/2017 12/31/2018
35.54 42.98 42.98 42.98
29.46 41.09 41.09 38.76

74.5 69.9 69.3 157.9
— 86.6 89.2 215.7

694.5 649.7 662.9 —
— 0.0 0.0 0.0
4.6 4.2 3.6 8.1
33.33 33.33 33.33 38.60

5,937.00 5,960.00 9,266.00 10,000.00
48.00 48.00 48.00 47.00
— 0.00 0.00 —
— 0.00 0.00 —
— 0.00 0.00 —
44.8 25.8 45.5 13.8
51.79 57.14 57.14 57.14

12.00 12.00 12.00 12.00
4.00 4.00 4.00 4.00
33.33 33.33 33.33 33.33
3.00 3.00 3.00 3.00
6.00 6.00 5.00 5.00
91.67 84.72 93.33 91.52
MGM China Holdings Ltd (2282 HK) - Environmental
12 Months Ending 12/31/2013 12/31/2014 12/31/2015 12/31/2016
Environmental Disclosure Score 9.30 22.48 29.46 41.09
Disclosure
Scope of Disclosure — — — —
Reporting Basis Consistent? n/a n/a n/a n/a
GRI Criteria Compliance No No No Yes
Global Reporting Initiatives Checked No No No No
Verification Type No No No No
Emissions
GHG Scope 1 — — 3.7 4.0
GHG Scope 2 — — 70.8 65.9
Total GHG Emissions — — 74.5 69.9
Energy
Total Energy Consumption — — — 86.6
Electricity Used — — — 70.2
Fuel Used - Oil/Diesel — — — 0.1
Water
Total Water Use 729.9 737.2 694.5 649.7
Total Water Withdrawal — — 694.5 649.7
Waste Management
Total Waste 4.4 5.0 4.6 4.2
Hazardous Waste — — — 0.0
Material
Spills
Environmental Fines
Investments/Costs
Certified Sites
Operational Policy
Renewable Electricity Target Policy n/a No No No
Energy Efficiency Policy Yes Yes Yes Yes
Emissions Reduction Initiatives No Yes Yes Yes
Environmental Supply Chain Management No Yes Yes Yes
Environmental Quality Management Policy No Yes Yes Yes
Green Building Policy No Yes Yes Yes
Sustainable Packaging No No No No
Waste Reduction Policy Yes Yes Yes Yes
Water Policy Yes Yes Yes Yes
Biodiversity Policy No Yes Yes Yes
Climate Change Policy No Yes Yes Yes
New Products - Climate Change No No No No
Climate Change Opportunities Discussed No No No Yes
Risks of Climate Change Discussed No No No Yes
Source: Bloomberg
FY 2017 FY 2018
12/31/2017 12/31/2018
41.09 38.76
1.00 1.00
n/a Yes
Yes Yes
No No
No No
6.1 6.6
63.2 151.2
69.3 157.9
89.2 215.7
69.8 180.5
0.4 0.7
662.9 —
662.9 1,402.1
3.6 8.1
0.0 0.0
No No
Yes Yes
Yes Yes
Yes Yes
Yes Yes
Yes Yes
No No
Yes Yes
Yes Yes
Yes Yes
Yes Yes
No No
Yes Yes
Yes Yes
MGM China Holdings Ltd (2282 HK) - Social
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Social Disclosure Score — — 22.81 28.07
Employees
Number of Employees — — 6,062.00 6,101.00
Employee Diversity
% Women in Workforce — — — —
% Disabled in Workforce — — — —
Gender Pay Gap

Gender Pay Gap Breakout n/a n/a n/a No
Employee Training
Total Hours Spent by Firm - Employee Train — — — —
Safety
Fatalities - Total — — — —
Fatalities - Employees — — — —
Fatalities - Contractors — — — —
Supply Chain
Social Supply Chain Management n/a n/a No Yes
Sustain Sup Guidelines Encomp ESG Area n/a n/a No Yes
Community & Customers

Community Spending — — 11.2 8.9
Policy
Anti-Bribery Ethics Policy n/a n/a No Yes
Business Ethics Policy n/a n/a Yes Yes
Employee CSR Training n/a n/a No No
Employee Protection / Whistle Blower Policy n/a n/a Yes Yes
Equal Opportunity Policy n/a n/a Yes Yes
Fair Remuneration Policy n/a n/a No No
Health and Safety Policy n/a n/a Yes Yes
Human Rights Policy n/a n/a No Yes
Training Policy n/a n/a Yes Yes
Policy Against Child Labor n/a n/a No Yes
Consumer Data Protection Policy No No No No
UN Global Compact Signatory n/a n/a No No

SDGs Target Policy n/a n/a n/a n/a
Bloomberg Gender-Equality Index
Source: Bloomberg
FY 2015 FY 2016 FY 2017 FY 2018
12/31/2015 12/31/2016 12/31/2017 12/31/2018
33.33 33.33 33.33 38.60
5,937.00 5,960.00 9,266.00 10,000.00
48.00 48.00 48.00 47.00

— — — 0.40
No No No No
147,000.00 268,933.00 569,000.00 917,000.00
— 0.00 0.00 —
— 0.00 0.00 —
— 0.00 0.00 —
Yes Yes Yes Yes

Yes Yes Yes Yes
44.8 25.8 45.5 13.8
Yes Yes Yes Yes

Yes Yes Yes Yes
No No No No
Yes Yes Yes Yes
Yes Yes Yes Yes
No No No No
Yes Yes Yes Yes
Yes Yes Yes Yes
Yes Yes Yes Yes
Yes Yes Yes Yes
No No No Yes
No No No No
n/a Yes Yes No
MGM China Holdings Ltd (2282 HK) - Governance
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Governance Disclosure Score 48.21 48.21 51.79 51.79
Board Structure
Size of the Board 11.00 12.00 12.00 12.00
Unitary or Two Tier Board System 1.00 1.00 1.00 1.00
# Employee Representatives on Board 0.00 0.00 0.00 0.00
Classified Board System Yes Yes Yes Yes
Board Independence
# Non Exec Dir on Board 6.00 7.00 7.00 7.00
% Non Exec Dir on Board 54.55 58.33 58.33 58.33
# Independent Directors 3.00 4.00 4.00 4.00
% Independent Directors 27.27 33.33 33.33 33.33
CEO Duality No No No No
Independent Chairperson No No No No
Independent Lead Director No No No No
Presiding Director No No No No
Former CEO or its Equivalent on Board No No No No
Board & Exec Diversity

# Women on Board 3.00 3.00 3.00 2.00
% Women on Board 27.27 25.00 25.00 16.67
Female Chief Executive Officer or Equivalen No No No No
Female Chairperson or Equivalent Yes Yes No No
# Executives / Company Mgrs 8.00 8.00 13.00 11.00
CEO or Equivalent Appointed from Within Yes Yes Yes Yes
# Female Executives 1.00 1.00 2.00 2.00
% Female Executives 12.50 12.50 15.38 18.18
Age of the Youngest Director 43.00 44.00 45.00 46.00
Age of the Oldest Director 62.00 64.00 65.00 66.00
Board of Directors Age Range 19.00 20.00 20.00 20.00
Board Average Age 50.91 52.92 53.92 55.75
Board Duration (Years) 3.00 3.00 3.00 3.00

Executive Director Board Duration 3.00 3.00 3.00 3.00
Board Meetings
# Board Meetings 2.00 6.00 6.00 6.00
Board Meeting Attendance % 95.45 92.42 84.72 94.44
Independent Directors Board Meeting Atte 83.33 94.44 62.50 87.50
# Dir Attending Less than 75% of Mtgs 1.00 0.00 3.00 0.00
Audit Committee
Size of Audit Committee 3.00 4.00 4.00 4.00
# Independent Dir on Audit Cmte 2.00 3.00 3.00 3.00
% Independent Dir on Audit Cmte 66.67 75.00 75.00 75.00
Independent Audit Committee Chairperson Yes Yes Yes Yes
# Non Exec Dir on Audit Cmte 2.00 4.00 4.00 4.00
Audit Committee Meetings 2.00 5.00 6.00 6.00
Audit Committee Meeting Attendance Perce 100.00 100.00 70.83 95.83
Compensation Committee
Size of Compensation Committee 5.00 6.00 6.00 6.00
# Independent Dir on Comp Cmte 3.00 4.00 4.00 4.00
% Independent Dir on Comp Cmte 60.00 66.67 66.67 66.67
Independent Compensation Committee Chai No Yes Yes Yes
# Non Exec Dir on Comp Cmte 3.00 4.00 4.00 4.00
# Comp Committee Meetings 2.00 3.00 2.00 3.00
Compensation Committee Meeting Attenda 90.00 80.00 75.00 94.44
Outside Compensation Advisors Appointed No No No No
Nomination Committee
Size of Nomination Committee 5.00 6.00 6.00 6.00
# Independent Dir on Nom Cmte 3.00 4.00 4.00 4.00
% of Ind Directors on Nomination Committe 60.00 66.67 66.67 66.67
Independent Nomination Committee Chairp Yes Yes Yes Yes
# Non Exec Dir on Nom Cmte 4.00 5.00 5.00 5.00
# Nom Cmte Meetings 0.00 2.00 1.00 3.00
Nomination Committee Meeting Attendance — 100.00 75.00 94.11
CSR/Sustainability Committee No No No No
Board & Exec Activities

Non-Executive Director with Responsibility No No No No
Executive Director with Responsibility for C No No No No
Executive Compensation Linked to ESG No No No No
ESG Linked Compensation for Board No No No No
Clawback Provision for Executive Compensa No No No No
Chg of Ctrl Benefits/Golden Parachute Agr No No No No
Shareholder Rights
% Ownership Required for Special Meeting — — — —
Poison Pill Plan n/a n/a n/a n/a
Shareholder Approved Poison Pill n/a n/a n/a n/a
Poison Pill TIDE Provision n/a n/a n/a n/a
Poison Pill Sunset Provision n/a n/a n/a n/a
Dual Class Unequal Voting Rights - Commo n/a No No No

AGM Voting Results
Auditor Ratification Yes Yes Yes Yes
Auditor Ratification Number of Votes - FOR — — 344.8 3,392.5
Auditor Ratification Number of Votes - AGA — — 8.7 11.6
Director Compensation
Source: Bloomberg
FY 2015 FY 2016 FY 2017 FY 2018
12/31/2015 12/31/2016 12/31/2017 12/31/2018
51.79 57.14 57.14 57.14
12.00 12.00 12.00 12.00

1.00 1.00 1.00 1.00
0.00 0.00 0.00 0.00
Yes Yes Yes Yes
7.00 7.00 7.00 7.00

58.33 58.33 58.33 58.33
4.00 4.00 4.00 4.00
33.33 33.33 33.33 33.33
No No No No
No No No No
No No No No
No No No No
No No No No
2.00 2.00 2.00 2.00

16.67 16.67 16.67 16.67
No No No No
No No No No
13.00 19.00 14.00 14.00
Yes Yes Yes Yes
3.00 4.00 3.00 3.00
23.08 21.05 21.43 21.43
47.00 48.00 49.00 48.00
67.00 68.00 69.00 70.00
20.00 20.00 20.00 22.00
56.75 57.75 58.75 58.00
3.00 3.00 3.00 3.00

3.00 3.00 3.00 3.00
6.00 6.00 5.00 5.00

91.67 84.72 93.33 91.52
83.33 87.50 85.00 90.00
1.00 4.00 1.00 0.00
4.00 4.00 4.00 5.00
3.00 3.00 3.00 3.00
75.00 75.00 75.00 60.00
Yes Yes Yes Yes
4.00 4.00 4.00 5.00
6.00 6.00 5.00 5.00
79.17 83.33 95.00 90.90
6.00 6.00 6.00 6.00

4.00 4.00 4.00 4.00
66.67 66.67 66.67 66.67
Yes Yes Yes Yes
4.00 4.00 4.00 4.00
3.00 4.00 3.00 2.00
83.33 91.66 88.88 100.00
No No No No
6.00 6.00 6.00 6.00

4.00 4.00 4.00 4.00
66.67 66.67 66.67 66.67
Yes Yes Yes Yes
5.00 5.00 5.00 5.00
1.00 1.00 1.00 1.00
83.33 100.00 66.67 100.00
No No No No
No No No No
No No No No
No No No No
No No No No
No No No No
No No No No
— — 10.00 10.00
n/a n/a No No
n/a n/a No No
n/a n/a No No
n/a n/a No No
No No No No
Yes Yes Yes n/a
3,377.3 3,458.2 3,441.5 —
0.5 0.3 0.2 —
MGM China Holdings Ltd (2282 HK) - Exec & Dir Comp
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Executive Compensation
Total Compensation Paid 27.8 32.9 27.6 37.2
Total Salaries and Bonuses Paid 17.3 20.5 20.1 22.9
Total Salaries Paid 8.9 10.2 10.6 11.7
Total Bonuses Paid 8.4 10.3 9.5 11.2
All Other Compensation Paid 10.5 12.5 7.5 14.3
Stock Awards Granted 9.7 11.5 6.4 13.2
Pension & Nonqual Defined Pension 0.8 0.9 1.0 1.1
# of Exec Changes in Fiscal Year 0.00 0.00 0.00 0.00
# Execs Included in Compensation 5.00 5.00 5.00 5.00
CEO
CEO Duality No No No No
Total Salaries and Bonuses Paid 17.3 20.5 20.1 22.9
Total Salaries Paid 8.9 10.2 10.6 11.7
Total Bonuses Paid 8.4 10.3 9.5 11.2
All Other Compensation Paid 10.5 12.5 7.5 14.3
Stock Awards Granted 9.7 11.5 6.4 13.2
Pension & Nonqual Defined Pension 0.8 0.9 1.0 1.1
# of CEO and Equiv Changes in FY 0.00 0.00 0.00 0.00
# CEO and Equiv Included in Comp 1.00 1.00 1.00 1.00
CEO Tenure at Fiscal Year End 1.50 2.50 3.50 4.50
Other C-Suite
Board Compensation
Fees Paid in Cash 1.5 1.5 2.0 2.0
Stock Awards Granted — — 0.0 0.0
# of Board Changes in Fiscal Year 3.00 1.00 0.00 2.00
Date of Last Board Change 03/16/2011 12/01/2012 n/a 11/20/2014
# Directors Included in Comp 6.00 8.00 7.00 8.00
Source: Bloomberg
FY 2015 FY 2016 FY 2017 FY 2018
12/31/2015 12/31/2016 12/31/2017 12/31/2018
38.4 35.0 47.7 52.7

23.6 27.9 30.5 37.1
12.2 13.9 13.8 15.8
11.4 14.0 16.6 21.2
14.8 7.1 17.2 15.6
13.7 5.9 16.0 14.3
1.2 1.2 1.3 1.4
0.00 0.00 0.00 0.00
1.00 1.00 1.00 5.00
No No No No
38.4 35.0 47.7 52.7
23.6 27.9 30.5 37.1
12.2 13.9 13.8 15.8
11.4 14.0 16.6 21.2
14.8 7.1 17.2 15.6
13.7 5.9 16.0 14.3
1.2 1.2 1.3 1.4
0.00 0.00 0.00 0.00
1.00 1.00 1.00 1.00
5.50 6.50 7.50 8.50
2.5 2.5 2.5 3.1

2.5 2.5 2.5 3.1
0.0 — 0.0 0.0
0.00 0.00 0.00 3.00
n/a n/a n/a 05/24/2018
4.00 4.00 4.00 9.00
MGM China Holdings Ltd (2282 HK) - ESG Ratios
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Disclosure Scores
ESG Disclosure Score — — 11.16 11.16
Environmental Disclosure Score — — — —
Social Disclosure Score — — — —
Governance Disclosure Score — — 48.21 48.21
Greenhouse Gases
GHG Intensity per Sales — — — —
GHG Scope 1 Intensity per Sales — — — —
GHG Scope 2 Intensity per Sales — — — —
GHG Intensity per EBITDA — — — —
GHG/CO2 Intensity / Gross Fixed Assets — — — —
GHG/CO2 Intensity / Net Fixed Assets — — — —
GHG Intensity per Energy — — — —
GHG Intensity per Employee — — — —
GHG Intensity per Assets — — — —
Carbon Dioxide
Energy
Energy Intensity per Sales — — — —
Energy Intensity per EBITDA — — — —
Energy Intensity per Employee — — — —
Energy Intensity per Assets — — — —
Water
Water Intensity per Sales — — — —
Water Intensity per EBITDA — — — —
Water Intensity per Energy — — — —
Water Intensity per Employee — — — —
Water Intensity per Assets — — — —
Waste
Waste Intensity per Employee — — — —
Waste Generated per Assets — — — —
Waste Generated per Sales — — — —
Other Environmental
Social
Community Spend % PTP — — — —
Community Spend%EBITDA — — — —
Community Spend%Equity — — — —
R&D Expenditures per Cash Flow 0.00 0.00 0.00 0.00
Actual Net Income per Employee -30,173.50 — 565,355.17 799,088.01
Actual Cash Flow per Employee 134,781.19 — 1,064,238.28 1,053,464.02
Actual Personnel Expenses per Employee 207,146.42 — 238,855.17 261,678.66
Governance
Percentage of Non-Executive Directors on — — 54.55 58.33
% Independent Directors — — 27.27 33.33
% Women on Board — — 27.27 25.00
Percentage of Female Executives — — 12.50 12.50
Board of Directors Age Range — — 19.00 20.00
Board Average Age — — 50.91 52.92
Board Meeting Attendance % — — 95.45 92.42
Independent Directors Board Meeting Atte — — 83.33 94.44
Pct of Independent Directors on Audit Comm — — 66.67 75.00
Audit Committee Meeting Attendance Perce — — 100.00 100.00
% of Ind Directors on Compensation Commi — — 60.00 66.67
Compensation Committee Meeting Attenda — — 90.00 80.00
% of Ind Directors on Nomination Committe — — 60.00 66.67
% Ownership Required for Special Meeting — — — —
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
22.31 30.58 35.54 42.98 42.98 42.98

9.30 22.48 29.46 41.09 41.09 38.76
22.81 28.07 33.33 33.33 33.33 38.60
51.79 51.79 51.79 57.14 57.14 57.14
— — 4.34 4.69 4.78 8.22

— — 0.21 0.27 0.42 0.34
— — 4.12 4.42 4.36 7.88
— — 18.22 18.05 20.24 44.03
— — 3.76 2.54 1.93 4.21
— — 4.90 3.11 2.29 5.24
— — — 806.53 777.13 731.95
— — 12.54 11.72 7.48 15.79
— — 3.39 2.58 1.89 4.49
— — — 5.81 6.16 11.23

— — — 22.38 26.04 60.15
— — — 14.54 9.62 21.57
— — — 3.20 2.44 6.14
28.37 28.96 40.45 43.58 45.78 —

115.65 112.23 169.97 167.84 193.65 —
— — — 7,498.37 7,436.04 —
120.40 120.83 116.98 109.01 71.54 —
40.35 43.81 31.63 23.99 18.11 —
0.72 0.82 0.78 0.71 0.39 0.81

0.24 0.30 0.21 0.16 0.10 0.23
0.17 0.20 0.27 0.28 0.25 0.42
0.21 0.16 1.43 0.85 1.72 1.79

0.18 0.14 1.10 0.67 1.33 0.38
0.17 0.14 0.91 0.36 0.53 0.15
0.00 0.00 0.00 0.00 0.00 0.00
879,829.76 935,411.08 524,257.20 509,481.21 250,397.69 99,534.14
1,209,434.68 824,952.14 497,892.20 401,484.40 717,276.93 134,252.45
274,866.05 312,183.41 324,189.32 320,761.74 245,356.25 321,379.13
58.33 58.33 58.33 58.33 58.33 58.33

33.33 33.33 33.33 33.33 33.33 33.33
25.00 16.67 16.67 16.67 16.67 16.67
15.38 18.18 23.08 21.05 21.43 21.43
20.00 20.00 20.00 20.00 20.00 22.00
53.92 55.75 56.75 57.75 58.75 58.00
84.72 94.44 91.67 84.72 93.33 91.52
62.50 87.50 83.33 87.50 85.00 90.00
75.00 75.00 75.00 75.00 75.00 60.00
70.83 95.83 79.17 83.33 95.00 90.90
66.67 66.67 66.67 66.67 66.67 66.67
75.00 94.44 83.33 91.66 88.88 100.00
66.67 66.67 66.67 66.67 66.67 66.67
— — — — 10.00 10.00
MGM China Holdings Ltd (2282 HK) - CDP
In Millions of HKD except Per Share FY 2015
12 Months Ending 12/31/2015
Reporting Period
Risks and Opportunities
GHG Emissions
CDP Estimation Scope 1 Emissions 0.0
CDP Estimation Scope 2 Emissions 0.1
Energy Use
Trading
Targets and Initiatives
Governance and Strategy

Source: Bloomberg
MGM China Holdings Ltd (2282 HK) - GAAP Highlights
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Total Revenues 7,727.1 12,434.7 20,293.6 21,773.6
Net Income to Common -167.1 1,566.0 3,279.1 4,530.8
Basic EPS, GAAP — — 0.86 1.19
Diluted EPS, GAAP — — 0.86 1.19
Basic Weighted Avg Shares — — 3,800.0 3,800.0
Diluted Weighted Avg Shares — — 3,800.0 3,800.0
Cash and Equivalents 1,975.7 1,922.7 5,590.4 7,381.4

Total Assets 10,467.7 10,224.2 12,689.1 14,780.6
Total Equity 251.3 1,480.8 4,414.0 5,911.3
Shares Out on Balance Sheet — — 3,800.0 3,800.0
Cash From Operations 746.6 3,162.7 6,172.6 5,973.1

Cash From Investing -243.1 -255.1 -301.9 -1,081.4
Cash From Financing 23.8 -2,960.6 -2,203.0 -3,100.8
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
25,727.5 25,454.3 17,170.5 14,907.5 14,480.5 19,200.7
5,543.6 5,768.7 3,280.5 3,099.1 2,624.2 1,435.0
5,333.5 5,706.9 3,112.5 3,036.5 2,320.2 1,068.5
1.40 1.50 0.82 0.80 0.61 0.28
1.40 1.50 0.82 0.80 0.61 0.28
3,800.1 3,800.1 3,800.0 3,800.0 3,800.2 3,800.2
3,804.4 3,806.0 3,800.0 3,800.1 3,809.0 3,811.2
7,884.8 4,232.2 5,421.1 3,547.1 5,283.4 3,992.1

8,699.6 4,908.0 5,941.2 4,042.0 5,811.1 4,658.0
18,087.5 16,827.8 21,954.8 27,080.2 36,606.5 35,132.6
6,973.4 5,856.9 4,850.4 5,492.2 15,695.9 8,058.0
11,584.0 10,486.3 17,039.7 19,863.5 28,094.1 26,186.8
6,503.5 6,341.5 4,915.1 7,216.7 8,512.4 8,945.8
3,800.0 3,800.0 3,800.0 3,800.0 3,800.0 3,800.0
7,331.6 5,033.0 2,956.0 2,392.8 6,646.3 1,441.2

-2,052.3 -2,748.5 -4,581.2 -6,273.3 -6,773.4 -2,915.1
-4,775.9 -5,937.2 2,814.1 2,006.6 1,863.4 182.6
MGM China Holdings Ltd (2282 HK) - Earnings
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Revenue
Consensus Estimate 19,974.2 21,680.9 25,466.3 25,708.9
Comparable Actual 20,293.6 21,773.6 25,727.5 25,454.3
Revenue Surprise % 1.6 0.4 1.0 -1.0
GAAP Actual 20,293.6 21,773.6 25,727.5 25,454.3
Adjusted Actual 20,293.6 21,773.6 25,727.5 25,454.3
Earnings Per Share

Consensus Estimate 1.00 1.22 1.38 1.50
Comparable Actual 0.86 1.19 1.40 1.50
EPS Surprise % -13.8 -2.3 1.4 -0.2
GAAP Actual 0.86 1.19 1.40 1.50
Adjusted Actual 0.90 1.20 1.40 1.50
EBIT
EBIT Surprise % -2.4 0.7 0.9 -3.3
GAAP Actual 3,967.4 4,431.8 5,543.6 5,768.7
Adjusted Actual 4,135.9 4,449.7 5,546.7 5,780.3
EBITDA
EBITDA Surprise % 1.8 -0.7 0.9 -1.2
GAAP Actual 4,714.0 5,225.3 6,311.3 6,568.3
Adjusted Actual 4,882.5 5,243.2 6,314.3 6,579.9
Gross Margin %
Consensus Estimate 42.40 63.80 50.50 48.25
Pretax Income (Loss)

Pretax Income (Loss) Surprise % -0.4 -4.8 1.7 -0.4
GAAP Actual 3,737.9 4,120.9 5,348.5 5,722.7
Adjusted Actual 3,906.3 4,138.8 5,351.5 5,734.3
Net Income
Net Income Surprise % -13.2 -1.2 1.9 -0.6
GAAP Actual 3,279.1 4,530.8 5,333.5 5,706.9
Adjusted Actual 3,427.3 4,546.6 5,336.2 5,717.1
Source: Bloomberg
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
17,241.4 14,947.9 15,077.8 19,443.9 22,845.7 24,425.5

17,170.5 14,907.5 15,356.0 19,200.7
-0.4 -0.3 1.8 -1.3
17,170.5 14,907.5 14,480.5 19,200.7
17,170.5 14,907.5 14,480.5 19,200.7
0.81 0.73 0.62 0.37 0.59 0.77

0.82 0.80 0.61 0.28
0.9 9.0 -2.1 -23.2
0.82 0.80 0.61 0.28
0.84 0.84 0.76 0.44
3,326.4 3,190.6 3,008.8 1,932.1 3,113.3 3,742.4

3,280.5 3,099.1 2,624.2 1,435.0
-1.4 -2.9 -12.8 -25.7
3,280.5 3,099.1 2,624.2 1,435.0
3,366.1 3,263.0 3,294.1 2,126.2
4,257.8 4,141.8 4,115.7 4,301.8 5,879.1 6,404.1

4,669.0 3,870.8 3,423.2 3,585.3
9.7 -6.5 -16.8 -16.7
4,086.2 3,870.8 3,423.2 3,585.3
4,171.8 4,034.7 4,093.2 4,276.5
48.55 51.05 50.68 54.30 52.48 53.61
3,187.5 2,804.0 2,562.0 1,446.8 2,308.0 2,976.1

3,129.1 3,051.6 2,638.5 772.9
-1.8 8.8 3.0 -46.6
3,129.1 3,051.6 2,638.5 772.9
3,229.7 3,215.5 3,308.4 1,470.0
3,159.5 2,783.2 2,009.8 1,469.0 2,232.8 2,883.6

3,112.5 3,036.5 2,320.2 1,068.5
-1.5 9.1 15.4 -27.3
3,112.5 3,036.5 2,320.2 1,068.5
3,201.0 3,180.7 2,909.7 1,682.0
MGM China Holdings Ltd (2282 HK) - Adjusted
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Revenue 20,293.6 21,773.6 25,727.5 25,454.3
+ Sales & Services Revenue 20,293.6 21,773.6 25,727.5 25,454.3
- Operating Expenses 16,157.7 17,323.9 20,180.9 19,674.0
+ Other Operating Expense 15,295.9 16,477.5 19,468.6 18,776.2
Operating Income (Loss) 4,135.9 4,449.7 5,546.7 5,780.3
- Interest Income 11.9 38.0 24.5 12.6
+ Foreign Exch (Gain) Loss 1.2 -7.1 5.8 20.7
Pretax Income (Loss), Adjusted 3,906.3 4,138.8 5,351.5 5,734.3
- Abnormal Losses (Gains) 168.5 17.9 3.0 11.6
+ Early Extinguishment of Debt — — — —
+ Other Abnormal Items 168.5 17.9 3.0 11.6
Pretax Income (Loss), GAAP 3,737.9 4,120.9 5,348.5 5,722.7
Income (Loss) from Cont Ops 3,279.1 4,530.8 5,333.5 5,706.9
Income (Loss) Incl. MI 3,279.1 4,530.8 5,333.5 5,706.9
Net Income, GAAP 3,279.1 4,530.8 5,333.5 5,706.9
Net Income Avail to Common, GAAP 3,279.1 4,530.8 5,333.5 5,706.9
Net Income Avail to Common, Adj 3,427.3 4,546.6 5,336.2 5,717.1


Basic EPS, GAAP 0.86 1.19 1.40 1.50

Diluted EPS, GAAP 0.86 1.19 1.40 1.50
Reference Items
EBITDA 4,882.5 5,243.2 6,314.3 6,579.9
EBITDA Margin (T12M) 24.06 24.08 24.54 25.85
EBITA 4,262.8 4,576.9 5,673.6 5,907.2
EBIT 4,135.9 4,449.7 5,546.7 5,780.3
Gross Margin — — — —
Profit Margin 16.89 20.88 20.74 22.46
Personnel Expenses 1,385.4 1,483.7 1,666.2 1,904.6
Rental Expense 25.1 28.8 30.6 30.9
Source: Bloomberg
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
17,170.5 14,907.5 14,480.5 19,200.7 22,845.7 24,425.5
17,170.5 14,907.5 14,480.5 19,200.7
— — — — 11,990.1 13,093.8
0.0 0.0 0.0 0.0
13,804.3 11,644.5 11,186.4 17,074.5
0.0 0.0 0.0 0.0
805.7 771.7 799.0 2,150.3
186.3 -47.4 -42.1 51.3
12,812.4 10,920.2 10,429.4 14,873.0
3,366.1 3,263.0 3,294.1 2,126.2 3,113.3 3,742.4
136.5 47.5 -14.3 656.2
111.7 40.0 -5.0 642.2
123.8 46.5 0.0 654.3
12.1 6.5 5.0 12.1
18.0 0.7 -16.5 6.3
0.0 0.0 0.0 0.0
6.8 6.8 7.3 7.6
3,229.7 3,215.5 3,308.4 1,470.0 2,308.0 2,976.1
100.5 163.9 669.9 697.1
14.9 — — 5.9
85.6 163.9 669.9 691.2
3,129.1 3,051.6 2,638.5 772.9 2,308.0 2,976.1
16.6 15.1 318.3 -295.6
16.6 15.1 1.1 21.5
0.0 0.0 317.1 -317.1
3,112.5 3,036.5 2,320.2 1,068.5 2,232.8 2,883.6
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
3,112.5 3,036.5 2,320.2 1,068.5
0.0 0.0 0.0 0.0
3,112.5 3,036.5 2,320.2 1,068.5 2,232.8 2,883.6
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
3,112.5 3,036.5 2,320.2 1,068.5 2,232.8 2,883.6
3,201.0 3,180.7 2,909.7 1,682.0 2,254.3 2,928.9

88.5 144.2 589.5 613.5
0.0 0.0 0.0 0.0
3,800.0 3,800.0 3,800.2 3,800.2

0.82 0.80 0.61 0.28 0.59 0.77
0.82 0.80 0.61 0.28 0.59 0.77
0.84 0.84 0.77 0.44 0.60 0.78
3,800.0 3,800.1 3,809.0 3,811.2

0.82 0.80 0.61 0.28 0.59 0.77
0.82 0.80 0.61 0.28 0.59 0.77
0.84 0.84 0.76 0.44 0.60 0.78

4,171.8 4,034.7 4,093.2 4,276.5 5,879.1 6,404.1
24.30 27.06 28.27 22.27 25.73 26.22
3,493.0 3,390.2 3,421.0 2,253.1
3,366.1 3,263.0 3,294.1 2,126.2 3,113.3 3,742.4
— — — — 52.48 53.61
19.60 21.89 22.75 11.07 13.63 15.32
18.64 21.34 20.09 8.76 9.87 11.99
— — — — 2,015.4 2,447.5
2,892,109.31 2,501,253.02 1,562,759.77 1,788,609.32
0.25 0.28 0.21 0.10 0.25 0.33
946.2 1,060.2 809.4 372.4
310.9 491.7 688.9 178.8
1,924.7 1,911.7 2,273.5 3,450.0
678.8 644.5 672.1 2,023.4
36.3 41.4 — —
MGM China Holdings Ltd (2282 HK) - Reconciliation
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
EBITDA Reconciliation
EBIT, GAAP 364.2 2,020.6 3,967.4 4,431.8
+ Revenue Adjustments 0.0 0.0 0.0 0.0
+ Cost of Revenue Adjustments 0.0 0.0 0.0 0.0
+ Other Op Inc Adjustments 0.0 0.0 0.0 0.0
+ SG&A Adjustments 0.0 0.0 0.0 0.0
+ R&D Expense Adjustments 0.0 0.0 0.0 0.0
+ D&A Adjustments 0.0 0.0 0.0 0.0
+ Prov for Doubtful Acct Adj 0.0 0.0 0.0 0.0
+ Other Op Exp Adjustments 4.8 31.4 168.5 17.9
EBIT, Adjusted 369.0 2,051.9 4,135.9 4,449.7
EBITDA, Adjusted 1,162.1 2,829.7 4,882.5 5,243.2
EBIT Reconciliation
EBIT, GAAP 364.2 2,020.6 3,967.4 4,431.8
EBIT, Adjusted 369.0 2,051.9 4,135.9 4,449.7
Pretax Income Reconciliation

Pretax Income (Loss), GAAP -166.5 1,566.3 3,737.9 4,120.9
Pretax Income (Loss), Adjusted -161.7 1,597.7 3,906.3 4,138.8
Net Income Reconciliation

Net Inc Avail to Common Sh, GAAP -167.1 1,566.0 3,279.1 4,530.8
Net Inc Avail to Common Cont -167.1 1,566.0 3,279.1 4,530.8
Net Income Avail to Common, Adj -162.9 1,593.6 3,427.3 4,546.6
Earnings Per Share Reconciliation

Diluted EPS, GAAP — — 0.86 1.19
+ Discontinued Operations — — 0.00 0.00
+ XO & Accounting Changes — — 0.00 0.00
Diluted EPS from Cont Ops — — 0.86 1.19
+ Other Abnormal Items — — 0.04 0.00
Diluted EPS from Cont Ops, Adjusted — — 0.90 1.20
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
5,543.6 5,768.7 3,280.5 3,099.1 2,624.2 1,435.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
3.0 11.6 85.6 163.9 669.9 691.2
5,546.7 5,780.3 3,366.1 3,263.0 3,294.1 2,126.2
767.7 799.6 805.7 771.7 799.0 2,150.3
6,314.3 6,579.9 4,171.8 4,034.7 4,093.2 4,276.5
5,543.6 5,768.7 3,280.5 3,099.1 2,624.2 1,435.0

3.0 11.6 85.6 163.9 669.9 691.2
5,546.7 5,780.3 3,366.1 3,263.0 3,294.1 2,126.2
5,348.5 5,722.7 3,129.1 3,051.6 2,638.5 772.9

— — 14.9 — — 5.9
3.0 11.6 85.6 163.9 669.9 691.2
5,351.5 5,734.3 3,229.7 3,215.5 3,308.4 1,470.0
5,333.5 5,706.9 3,112.5 3,036.5 2,320.2 1,068.5

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
5,333.5 5,706.9 3,112.5 3,036.5 2,320.2 1,068.5
— — 13.1 — — 5.2
2.7 10.2 75.3 144.2 589.5 608.3
5,336.2 5,717.1 3,201.0 3,180.7 2,909.7 1,682.0
1.40 1.50 0.82 0.80 0.61 0.28

0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
1.40 1.50 0.82 0.80 0.61 0.28
— — 0.00 — — 0.00
0.00 0.00 0.02 0.04 0.15 0.16
1.40 1.50 0.84 0.84 0.76 0.44
MGM China Holdings Ltd (2282 HK) - SBC & Amort
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Earnings Per Share Reconciliation
Basic EPS Ex-SBC, Adj — — 0.91 1.21
Diluted EPS Ex-SBC, Adj — — 0.91 1.21
Basic EPS Ex-Amortization, Adj — — 0.93 —
Diluted EPS Ex-Amortization, Adj — — 0.93 —
Basic EPS Ex-SBC & Amort, Adj — — 0.94 —
Diluted EPS Ex-SBC & Amort, Adj — — 0.94 —
Stock Based Compensation

Pre-Tax 0.0 0.0 50.2 67.2
After-Tax — 0.0 44.2 59.2
Per Basic Share — — 0.01 0.02
Per Diluted Share — — 0.01 0.02
Amortization of Acquisition Related Intangibles
Amortization of Total Intangibles

Pre-Tax 126.6 127.2 126.9 127.2
After-Tax 111.4 112.0 111.7 112.0
Per Basic Share — — 0.03 —
Per Diluted Share — — 0.03 —
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
1.41 1.52 0.86 0.85 0.78 0.46

1.41 1.52 0.86 0.85 0.78 0.46
— — — 0.87 0.80 0.47
— — — 0.87 0.79 0.47
— — — 0.88 0.81 0.49
— — — 0.88 0.81 0.49
34.5 69.7 85.5 73.0 79.9 76.6

30.3 61.3 75.3 64.2 70.3 67.4
0.01 0.02 0.02 0.02 0.02 0.02
0.01 0.02 0.02 0.02 0.02 0.02
126.9 126.9 126.9 127.2 126.9 126.9

111.7 111.7 111.7 112.0 111.7 111.7
— — — 0.03 0.03 0.03
— — — 0.03 0.03 0.03
MGM China Holdings Ltd (2282 HK) - Adj %
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Revenue 20,293.6 21,773.6 25,727.5 25,454.3
+ Sales & Services Revenue 100.0 100.0 100.0 100.0
- Operating Expenses 79.6 79.6 78.4 77.3
+ Other Operating Expense 75.4 75.7 75.7 73.8
Operating Income (Loss) 20.4 20.4 21.6 22.7
- Interest Income 0.1 0.2 0.1 0.0
+ Foreign Exch (Gain) Loss 0.0 0.0 0.0 0.1
Pretax Income (Loss), Adjusted 19.2 19.0 20.8 22.5
- Abnormal Losses (Gains) 0.8 0.1 0.0 0.0
Pretax Income (Loss), GAAP 18.4 18.9 20.8 22.5
Income (Loss) from Cont Ops 16.2 20.8 20.7 22.4
Income (Loss) Incl. MI 16.2 20.8 20.7 22.4
Net Income, GAAP 16.2 20.8 20.7 22.4
Net Income Avail to Common, GAAP 16.2 20.8 20.7 22.4

Basic Weighted Avg Shares 18.7 17.5 14.8 14.9

Basic EPS, GAAP 0.0 0.0 0.0 0.0
Diluted Weighted Avg Shares 18.7 17.5 14.8 15.0

Diluted EPS, GAAP 0.0 0.0 0.0 0.0
Reference Items
EBITDA 24.1 24.1 24.5 25.8
EBITDA Margin (T12M) 0.1 0.1 0.1 0.1
EBITA 21.0 21.0 22.1 23.2
EBIT 20.4 20.4 21.6 22.7
Gross Margin — — — —
Profit Margin 0.1 0.1 0.1 0.1
Sales per Employee 17,241.4 17,636.7 16,496.2 16,390.8
Total Cash Common Dividends 15.3 17.8 22.3 20.0
Personnel Expenses 6.8 6.8 6.5 7.5
Rental Expense 0.1 0.1 0.1 0.1
Source: Bloomberg
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
17,170.5 14,907.5 14,480.5 19,200.7 22,845.7 24,425.5
100.0 100.0 100.0 100.0
— — — — 52.5 53.6
0.0 0.0 0.0 0.0
80.4 78.1 77.3 88.9
0.0 0.0 0.0 0.0
4.7 5.2 5.5 11.2
1.1 -0.3 -0.3 0.3
74.6 73.3 72.0 77.5
19.6 21.9 22.7 11.1 13.6 15.3
0.8 0.3 -0.1 3.4
0.7 0.3 0.0 3.3
0.7 0.3 0.0 3.4
0.1 0.0 0.0 0.1
0.1 0.0 -0.1 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.1 0.0
18.8 21.6 22.8 7.7 10.1 12.2
0.6 1.1 4.6 3.6
0.1 — — 0.0
0.5 1.1 4.6 3.6
18.2 20.5 18.2 4.0 10.1 12.2
0.1 0.1 2.2 -1.5
0.1 0.1 0.0 0.1
0.0 0.0 2.2 -1.7
18.1 20.4 16.0 5.6 9.8 11.8
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
18.1 20.4 16.0 5.6
0.0 0.0 0.0 0.0
18.1 20.4 16.0 5.6 9.8 11.8
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
18.1 20.4 16.0 5.6 9.8 11.8
0.5 1.0 4.1 3.2

0.0 0.0 0.0 0.0
22.1 25.5 26.2 19.8

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
22.1 25.5 26.3 19.8

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

24.3 27.1 28.3 22.3 25.7 26.2
0.1 0.2 0.2 0.1 0.1 0.1
20.3 22.7 23.6 11.7
19.6 21.9 22.7 11.1 13.6 15.3
— — — — 0.2 0.2
0.1 0.1 0.2 0.1 0.1 0.1
0.1 0.1 0.1 0.0 0.0 0.0
— — — — 8.8 10.0
16,843.5 16,778.5 10,792.1 9,315.3
0.0 0.0 0.0 0.0 0.0 0.0
5.5 7.1 5.6 1.9
1.8 3.3 4.8 0.9
11.2 12.8 15.7 18.0
4.0 4.3 4.6 10.5
0.2 0.3 — —
MGM China Holdings Ltd (2282 HK) - EV Ex Operating Leases
12 Months Ending 12/31/2012 12/31/2013 12/31/2014 12/31/2015
- Cash & Equivalents 7,381.4 7,884.8 4,232.2 5,421.1
+ Preferred Equity 0.0 0.0 0.0 0.0
+ Minority Interest 0.0 0.0 0.0 0.0
+ Total Debt 3,983.0 4,049.2 4,118.2 11,732.0
Total Capital 9,894.3 10,552.7 10,459.7 16,647.0

Total Debt/Total Capital 40.26 38.37 39.37 70.47
Total Debt/EV 0.08 0.03 0.06 0.27
EV/Sales 2.29 4.74 2.94 2.51

EV/EBITDA 9.55 19.32 11.39 10.57
EV/EBIT 11.25 22.00 12.97 13.16
EV/Cash Flow to Firm — 16.18 14.78 14.02
EV/Free Cash Flow to Firm — 21.77 32.39 —
Diluted Market Cap 53,276.0 125,927.1 75,053.4 36,860.1

Diluted Enterprise Value — — — —
EV per Share 13.13 32.09 19.69 11.36
Reference Items
Trailing 12 Month Values for Ratios
Sales 21,773.6 25,727.5 25,454.3 17,170.5
EBITDA 5,225.3 6,311.3 6,568.3 4,086.2
EBIT 4,431.8 5,543.6 5,768.7 3,280.5
Cash Flow To Firm — 7,538.6 5,063.9 3,079.1
Free Cash Flow To Firm — 5,602.7 2,310.1 -1,425.0
Source: Bloomberg
Leases
12/31/2016 12/31/2017 12/31/2018 01/24/2020 12/31/2019 12/31/2020
61,104.0 89,870.0 49,932.0 46,740.0
3,547.1 5,283.4 3,992.1 3,415.7
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
14,708.6 17,839.2 18,873.2 16,920.7
72,265.5 102,425.8 64,813.1 60,245.0
21,925.3 26,351.6 27,819.0

67.09 67.70 67.84
0.20 0.17 0.29 0.28
4.85 7.07 3.38 2.81 2.64 2.47

18.67 29.92 18.08 13.09 10.25 9.41
23.32 39.03 45.17 27.01 19.35 16.10
29.63 15.41 — 31.90
— — — 203.78
61,105.0 90,083.1 50,079.2 46,800.9

72,266.5 102,638.9 64,960.3
19.02 26.95 17.06 15.85
No No No No
14,907.5 14,480.5 19,200.7 22,845.7 24,425.5
3,870.8 3,423.2 3,585.3 5,879.1 6,404.1
3,099.1 2,624.2 1,435.0 3,113.3 3,742.4
2,439.1 6,646.3 —
-3,747.8 -148.0 —
MGM China Holdings Ltd (2282 HK) - Credit Ex Operating Leases
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Total Debt 8,271.3 5,886.7 4,136.1 3,983.0
Short-Term Debt 1,062.7 0.0 206.8 0.0
Long Term Debt 7,208.6 5,886.7 3,929.3 3,983.0

Net Debt/EBITDA 5.44 1.42 -0.31 -0.65
Total Debt/EBIT 22.71 2.91 1.04 0.90

Net Debt/EBIT 17.28 1.96 -0.37 -0.77
EBITDA to Interest Expense 3.46 8.57 25.61 28.42

EBITDA-CapEx/Interest Expense 2.65 7.79 23.96 22.77
EBIT to Interest Expense 1.09 6.19 21.56 24.11
EBITDA/Cash Interest Paid 4.35 14.22 25.86 32.35

EBITDA-CapEx/Cash Interest Paid 3.53 12.93 24.20 25.91
EBIT/Cash Interest Paid 1.37 10.27 21.77 27.44
Cash Interest Paid 266.1 196.8 182.3 161.5

Common Equity/Total Assets — — — —

Long-Term Debt/Total Assets — — — —

Total Debt/Total Assets — — — —
Net Debt/Equity 2,504.77 267.68 -32.95 -57.49

Net Debt/Capital 96.16 72.80 -49.14 -135.23
EBITDA 1,157.3 2,798.3 4,714.0 5,225.3

EBITDA-CapEx 938.5 2,544.7 4,410.6 4,186.1
EBIT 364.2 2,020.6 3,967.4 4,431.8
Source: Bloomberg
ting Leases
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
No No No No No No
4,049.2 4,118.2 11,732.0 14,708.6 17,839.2 18,873.2
0.0 0.0 0.0 604.5 6,045.0 780.0
4,049.2 4,118.2 11,732.0 14,104.1 11,794.2 18,093.2
0.64 0.63 2.87 3.80 5.21 5.26

-0.61 -0.02 1.54 2.88 3.67 4.15
0.73 0.71 3.58 4.75 6.80 13.15

-0.69 -0.02 1.92 3.60 4.78 10.37
30.40 212.02 33.01 83.28 — 5.48

15.11 14.59 -0.96 -4.30 -4.89 0.87
26.71 186.21 26.50 66.67 — 2.19
32.12 39.57 16.09 10.48 6.69 4.99

22.27 22.98 -1.65 -6.27 -6.59 1.01
28.21 34.75 12.92 8.39 5.13 2.00
196.5 166.0 253.9 369.5 511.6 717.8

207.6 31.0 123.8 46.5 0.0 654.3
— — — 26.65 23.25 25.46

62.26 64.94 238.69 195.44 138.55 202.25
38.37 39.37 70.47 64.33 44.76 65.04
— — — 52.08 32.22 51.50
62.26 64.94 238.69 203.81 209.57 210.97

38.37 39.37 70.47 67.09 67.70 67.84
— — — 54.32 48.73 53.72
-58.98 -1.80 128.40 154.66 147.50 166.35

-143.77 -1.83 56.22 60.73 59.60 62.46
6,311.3 6,568.3 4,086.2 3,870.8 3,423.2 3,585.3

4,375.4 3,814.5 -417.9 -2,316.1 -3,371.1 723.6
5,543.6 5,768.7 3,280.5 3,099.1 2,624.2 1,435.0

MGM China Holdings Ltd (2282 HK) - Multiples Overview

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MGM China Holdings Ltd (2282 HK) - Adj Highlights

In Millions of HKD FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

Revenue, Adj 21,773.6 25,727.5 25,454.3 17,170.5 14,907.5

Cash from Operations 5,973.1 7,331.6 5,033.0 2,956.0 2,392.8

14,480.5 19,200.7 22,845.7 24,425.5

Total Capital 9,894.3 10,552.7 10,459.7 16,647.0

EV/Sales 2.29 4.74 2.94 2.51

Diluted Market Cap 53,276.0 125,927.1 75,053.4 36,860.1

21,925.3 26,351.6 27,819.0

4.85 7.07 3.38 2.82 2.65 2.48

61,105.0 90,083.1 50,079.2 46,800.9

P/Book 9.01 19.34 11.82 7.50

P/Tangible Book 10.67 22.03 13.20 8.42

P/Sales 2.45 4.89 2.94 2.15

P/Cash Flow 8.92 17.16 14.89 12.47

P/Free Cash Flow 10.80 23.31 32.88 —

EV/Sales 2.29 4.74 2.94 2.51

EV/EBITDA 9.55 19.32 11.39 10.57

EV/EBIT 11.25 22.00 12.97 13.16

Price/Share 14.02 33.10 19.72 9.70

Enterprise Value 49,877.7 121,944.4 74,822.0 43,170.9

8.47 10.56 5.58 4.73 4.40 3.80

8.98 10.92 5.68 4.89

4.10 6.21 2.60 2.18 2.05 1.91

25.54 13.52 34.65 43.53 7.50 7.59

4.85 7.07 3.38 2.82 2.65 2.48

18.67 29.92 18.08 12.99 10.28 9.44

23.32 39.03 45.17 27.03 19.42 16.15

16.08 23.65 13.14 12.30

72,265.5 102,425.8 64,813.1 60,459.1

Per Share Data Items

Cash Flow 1.62 1.57 1.93 1.32

Cash & Equivalents 1.47 1.94 2.07 1.11

4.52 3.92 3.81 5.05

0.78 0.63 1.75 0.38 1.64 1.62

1.43 0.93 1.39 1.05

Market Capitalization 38,608.0 53,276.0 125,780.0 74,936.0

36,860.0 61,104.0 89,870.0 49,932.0 46,740.0

Net Income Avail to Common, Adj 3,427.3 4,546.6 5,336.2 5,717.1

Basic Weighted Avg Shares 3,800.0 3,800.0 3,800.1 3,800.1

Diluted Weighted Avg Shares 3,800.0 3,800.0 3,804.4 3,806.0

3,201.0 3,180.7 2,909.7 1,682.0 2,254.3 2,928.9

3,800.0 3,800.0 3,800.2 3,800.2

3,800.0 3,800.1 3,809.0 3,811.2

IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS

25,412.4 25,137.9 16,841.6 14,606.1 13,557.4 17,176.1

1,695.8 1,943.9 1,965.6 1,949.2 2,324.2 3,505.8

5.8 20.7 18.0 0.7 -16.5 6.3

n/a n/a n/a n/a n/a n/a

— — — -1.9 2.6 -3.5

— — — 1,949.2 2,324.2 3,505.8

Net Abnormal Losses (Gains) 0.7 0.1 0.0 0.0

Basic Weighted Avg Shares 18.7 17.5 14.8 14.9

Diluted Weighted Avg Shares 18.7 17.5 14.8 15.0

0.5 1.0 4.1 3.2

22.1 25.5 26.2 19.8

22.1 25.5 26.3 19.8

IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS

Liabilities & Shareholders' Equity

7,884.8 4,232.2 5,421.1 3,547.1 5,283.4 3,992.1

6,973.4 5,856.9 4,850.4 4,082.3 8,036.6 5,670.3

IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS