• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

MGM China confirms 2016 dividend

May 25, 2017 Newsdesk Latest News, Macau, Top of the deck, World  


MGM China confirms 2016 dividend

Macau casino operator MGM China Holdings Ltd on Wednesday said its shareholders had approved a final dividend of HKD0.160 (US$0.0205) per share for the year ended December 31, 2016. The final dividend, amounting to approximately HKD608 million in aggregate, is expected to be paid on June 16, the company had said in a previous filing.

Hong Kong-listed MGM China said the final dividend represented nearly 20 percent of the firm’s profit attributable to its owners for the year ended December 31, 2016. Together with an interim dividend of approximately HKD452.2 million in aggregate, MGM China said it distributed about 34.9 percent of the firm’s net profit for full-year 2016.

Net income attributable to MGM China’s owners was down by 2.4 percent from the prior year to approximately HKD3.04 billion in 2016. U.S.-based casino operator MGM Resorts International controls a 56-percent stake in MGM China.

Japanese brokerage Nomura said earlier this month that it expected MGM China to contribute higher dividends to MGM Resorts in 2018 following the opening of MGM Cotai this year. The HKD26-billion MGM Cotai is likely to open in the fourth quarter of 2017.

At Wednesday’s annual general meeting, shareholders also approved the re-election of Pansy Ho Chiu King as an executive director of MGM China. Ms Ho holds a 22.49-percent stake in MGM China.

In a separate development, MGM Resorts said on Wednesday that Tracinda Corp is reducing further its stake in the Las Vegas-based casino operator. Tracinda – the fund managing the capital accumulated by the late entrepreneur Kirk Kerkorian – is selling the stake for US$31.25 per share.

The transaction is expected to be completed on Thursday, MGM Resorts said in a filing to the Securities and Exchange Commission. The sale will reduce Tracinda’s stake in MGM Resorts to 9.9 percent.

In 2015, Tracinda had the largest single holding in MGM Resorts – a 16.19-percent stake – but Mr Kerkorian gave orders in his will for the fund to sell the entire stake in the Las Vegas-based casino and hotel operator.

In 2016, Ms Ho had acquired 4 million shares of MGM Resorts stock at US$25.00 per share from Tracinda. Following the completion of that deal, Ms Ho was said to hold a stake of approximately 4.8 percent in MGM Resorts.


  • tweet
Related articles
  • Dividend restart still far for Macau ops: JP Morgan
    Dividend restart still far for Macau...

    May 30, 2023  

  • U.S. tied Macau ops not pressed to pay dividend: S&P
    U.S. tied Macau ops not pressed to pay...

    May 23, 2023  

More news
  • Crown Resorts, AUSTRAC agree on US$294mln fine over AML
    Crown Resorts, AUSTRAC agree on...

    May 30, 2023  

  • Much interest in state casinos sale, says Pagcor boss Tengco
    Much interest in state casinos sale,...

    May 30, 2023  


Latest News

Crown Resorts, AUSTRAC agree on US$294mln fine over AML

Crown Resorts, AUSTRAC agree on US$294mln fine over AML

May 30, 2023  

Australian casino operator Crown Resorts Ltd says it has agreed to pay a fine of AUD450 million (US$293.5 million) as part of a deal with the country’s financial watchdog to “resolve civil...
Read More
Much interest in state casinos sale, says Pagcor boss Tengco

Much interest in state casinos sale, says Pagcor boss

May 30, 2023  

Dividend restart still far for Macau ops: JP Morgan

Dividend restart still far for Macau ops: JP Morgan

May 30, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


6,000

Total number of visitors expected at the Global Gaming Expo (G2E) Asia 2023 Special Edition: Singapore, running from May 30 to June 1



Most Popular

  • Cotai Expo hotel extra to licence capex, says GoldsteinCotai Expo hotel extra to licence capex, says Goldstein May 29, 2023
  • Ian Coughlan out of Wynn Macau Ltd board, Cameron-Doe inIan Coughlan out of Wynn Macau Ltd board, Cameron-Doe in May 29, 2023
  • Londoner Macao to host Harry Potter exhibition in DecLondoner Macao to host Harry Potter exhibition in Dec May 29, 2023
  • Londoner Macao pulls in foreigners and Chinese: LVS CEOLondoner Macao pulls in foreigners and Chinese: LVS CEO May 25, 2023
  • Suntrust agrees to US$6mln loan from chairman Andrew LoSuntrust agrees to US$6mln loan from chairman Andrew Lo May 29, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us