Mar 21, 2024 Newsdesk Latest News, Macau, Top of the deck  
Macau casino operator MGM China Holdings Ltd says a US$750-million revolving loan facility made available by its majority owner MGM Resorts International, amid the Covid-19 pandemic, was terminated on Wednesday, as it is “not commercially necessary” now.
The subordinated-loan agreement made in November 2022 had been “to meet the then future working capital and funding needs” of MGM China.
But subsequently MGM China’s 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,” noted a Wednesday filing to the Hong Kong Stock Exchange.
On March 15 MGM China’s board and MGM Resorts “mutually agreed” to the “voluntary cancellation of the whole US$750 million unutilised commitment”.
Moody’s Investors Service Inc said in a Monday memo it had updated the credit outlook for MGM China – which runs the MGM Macau and MGM Cotai resorts in Macau – to ‘stable’ from ‘negative’.
MGM China stated in a February announcement that its 2023 total revenue grew to HKD24.68 billion (US$3.16 billion), an increase of 368.5 percent on 2022, and 108.4 percent of pre-pandemic trading year 2019’s HKD22.77 billion.
Apr 22, 2024
Apr 15, 2024
Apr 26, 2024
Apr 26, 2024
Apr 26, 2024
The Edge financial news outlet reported on Friday a statement on behalf of Malaysian businessman Vincent Tan of lottery specialist Berjaya Corp Bhd, describing as “inaccurate” reports of talks on...(Click here for more)
"With our ambition to be the leading gaming platform for the regulated online real money gaming industry, the addition of NeoGames to our team advances our strategy to build global scale and capability"
Trevor Croker
Chief executive of Aristocrat Leisure