The company plans to use the loan for refinancing purposes.
Macau.- MGM China Holdings is reportedly pursuing a syndicated loan of US$2bn, which would be its first syndicated since the Covid-19 pandemic. Bloomberg has reported that, according to unnamed sources, the casino operator is in discussions with more than a dozen banks for a five-year facility denominated in Hong Kong dollars. The funds raised would be intended for refinancing.
For full-year 2024, MGM China posted net revenue of HK$31.4bn (US$3.92bn), up 27.2 per cent from the HK$24.7bn (US$3.2bn) posted in 2023, and up 138 per cent when compared to 2019, before the Covid-19 pandemic.
The casino operator recorded adjusted EBITDA of HK$9.06bn (US$1.13bn), up 25.2 per cent in year-on-year terms. MGM China had a market share of 15.8 per cent, up from 15.2 per cent in 2023 and 9.5 per cent in 2019. MGM COTAI’s market share was 9.3 per cent and MGM Macau’s was 6.5 per cent.
Hotel occupancy reached 94 per cent, up from 92.5 per cent in 2023. Property visitation grew 54 per cent year-on-year and reached 163 per cent of 2019 levels. Daily GGR was up 29 per cent to 129 per cent of 2019 figures. Mass GGR (including slots) was up 33 per cent and reached 179 per cent of pre-Covid-19 levels.
Last March, MGM China cancelled an unused US$750m credit facility from its majority shareholder, MGM Resorts International. The facility had been established in November 2022.
The company plans to use the loan for refinancing purposes. Macau.- MGM China Holdings is reportedly pursuing a syndicated loan of US$2bn, which would be its first syndicated since the…
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