MGM CEO to serve as Chair of US Travel Association
The US Travel Association, a national, non-profit organization representing and advocating for all components of the travel industry, named MGM President and CEO William...
MGM China eyes $2B loan to expand Macau operations
MGM China, the Macau-based division of MGM Resorts, is reportedly looking to borrow a $2 billion loan to expand its Macau and Cotai operations and refinance existing debts.
At the end of 2024, MGM China had $3 billion in debt. Despite challenges driven by China’s strict COVID-19 policies, MGM China recorded significant growth. Its market share in Macau hit a record 15.8% in 2024, and its stock continues to grow. Moreover, earlier this year, MGM China rewarded 99% of staff with a salary increase.
A secured loan could help further solidify its strong presence in the region. According to reports, MGM China is looking for a multi-lender loan of 15.55 billion Hong Kong dollars. With $2.2 billion in cash reserves, growing revenues, and strong visitation numbers, lenders are likely to view MGM China as a reliable borrower. However, the uncertainty in Macau’s market with economic tensions between the U.S. and China could impact financing efforts.
Meanwhile, MGM Resorts, the parent company, reported strong financial results for 2024, with MGM China taking the crown. Financial revenue jumped from $3.2 billion to $4 billion, marking a 28% increase. CEO Bill Hornbuckle called the results “very encouraging” and was recently named chair of the U.S. Travel Association to guide the board on key industry priorities and focus on major upcoming events.
MGM Resorts reports strong results for Q4 2024
The American global hospitality and entertainment company MGM Resorts International reported strong Q4 results for 2024 with $17.2 billion.The Q4 was not only about...
