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Record Macau profits see MGM China terminate US$750 million loan facility from parent MGM Resorts

Ben Blaschke by Ben Blaschke
Wed 20 Mar 2024 at 17:49
MGM introduces financial assistance program for local SME vendors
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Macau concessionaire MGM China has terminated a US$750 million revolving loan facility provided by parent company MGM Resorts International in late 2022, arguing that it no longer needs the money.

In a Wednesday filing, the company said it had executed a letter with MGM Resorts in which the two parties mutually agreed to the voluntary cancellation of the entire US$750 million unutilized commitment under the facility agreement, with no party liable to the other.

MGM China explained that the facility – agreed to in November 2022 before Macau’s international borders reopened – had been intended to meet the then future working capital and funding needs of the company. However, its revenue “recorded a substantial increase in 2023, which was underpinned by a significant recovery in the markets the Company operates in following the easing of COVID-19 travel restrictions to Macau which began in late 2022. The Company is thus in a position where drawing on the facility provided by MGM Resorts is not commercially necessary.”

Buoyed by the addition of 200 new gaming tables under its current 10-year concession and with significant investment made into enhancing its Macau gaming floors, MGM China recently announced all-time record Adjusted Property EBITDAR for both 4Q23 and FY23 on net revenues of US$983 million – up 462% year-on-year and 35% higher than in 4Q19.

The company also topped 20% Macau market share in January for the first time in its history.

MGM Resorts currently holds a 56% stake in MGM China.

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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