Jul 03, 2023 Newsdesk Latest News, Macau, Top of the deck  
Macau gaming company MGM China Holdings Ltd has announced changes to its borrowing arrangements.
MGM China told the Hong Kong Stock Exchange on Sunday that the company had reached two separate agreements with its lenders to extend the final maturity date of two revolving credit facilities by an additional two years, from May 15, 2024 to May 15, 2026.
In May 2020, MGM China had entered into agreements with a group of lenders to make available to the company an unsecured revolving credit facility of HKD2.34 billion (US$298.6 million) in aggegate, with a final maturity date of May 15, 2024. In June 2020, the casino operator increased the available undrawn credit facilities of the revolving credit facility by HKD780 million, to HKD3.12 billion.
According to the amendment now announced, besides extending the revolving credit facility’s maturity date, the parties also agreed to provide MGM China with the option to increase the amount of the facility up to HKD5.85 billion.
In a separate filing, MGM China said it had also agreed with its lenders to extend the maturity date of a separate revolving credit facility of HKD9.75 billion in aggregate, with the new final maturity date now set for May 15, 2026.
Both amended revolving credit facilities will bear interest at a fluctuating rate per annum based on the Hong Kong Interbank Offered Rate (HIBOR), plus a margin in the range of 1.625 percent to 2.75 percent, which will be determined by MGM China’s leverage ratio.
MGM China reported first-quarter adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HKD1.41 billion, compared to an adjusted EBITDA loss of HKD402.1 million in the fourth quarter. Judged sequentially, first-quarter net revenue was up by 253.3 percent, at HKD4.84 billion, compared to HKD1.37 billion in the fourth quarter.
MGM China is a subsidiary of U.S.-based casino operator MGM Resorts Internataional. The Macau unit runs two properties: MGM Macau on the peninsula and MGM Cotai in the city’s Cotai district.
Jul 25, 2024
Jul 19, 2024
Jul 26, 2024
Jul 26, 2024
Jul 26, 2024
Border-casino operator Donaco International Ltd has achieved a 164.17-percent year-on-year increase in its latest quarterly group earnings before interest, taxation, depreciation and amortisation...(Click here for more)
”We’ve got more traction outside of Macau at the moment. But Macau’s going be a bigger focus for us”
David Punter
Regional representative at Konami Australia