MGM China Holdings drops on lower first-half profit; rivals fall

About this update from Melco International Development Limited

** Shares of MGM China Holdings HKEX:2282 drop as much as 12.1% to HK$15.23, their lowest since July 28 and on course to snap three consecutive session of gains** Stock posts biggest intraday pct decline since April 7, and is biggest pct loser among the six key HK-listed Macau gaming groups** MGM China said its first-half net profit fell 11.2% y/y to HK$2.38 bln ($303.19 mln) but casino revenue was up 3.1% y/y** Says its overall gaming market share was 16.2% for the six-month period ended in June, down from 16.5% the same period a year ago** Shares of rivals also fall with Sands China HKEX:1928, Galaxy HKEX:27, SJM HKEX:880, Melco International HKEX:200 and Wynn Macau HKEX:1128 down between 0.6% and 3.8%** Hang Seng Commerce & Industry Index HSI:HSCI and benchmark Hang Seng Index HSI:HSI both slip 0.5%** YTD, MGM China shares up 65.8% ($1 = 7.8498 Hong Kong dollars)

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