Macau concessionaire MGM China has declared payment of a Special Dividend of HK$0.353 per share, equivalent to HK$1.34 billion (US$172 million) in aggregate.
The dividend is due to be paid to shareholders on or about 4 October 2024.
In a filing, the company explained it had resolved to declare the Special Dividend after “further consideration of the Group’s latest general financial position, existing cash flow, capital requirements going forward and other factors that the Board considered relevant, and determined that the Group has sufficient resources, after the payment of the Special Dividend, to finance its operations, development of its business, and investment commitments made by MGM Grand Paradise S.A. to the Macau Government under its Macau gaming concession.”
MGM China previously became the second of Macau’s concessionaires, after Galaxy Entertainment Group, to resume dividend payments post-COVID after notching a US$377 million profit in 2023.
The company’s Chairperson and Executive Director Pansy Ho later stated the surprise decision to resume the payment of dividends highlighted its confidence in the future of Macau.
MGM China more recently posted net revenues of HK$7.96 billion (US$1.02 billion) for the three months to 30 June 2024, up 37% year-on-year, while. Adjusted Property EBITDAR of HK$2.44 billion (US$312.7 million) was an all-time Q2 record for the company.
