MGM China eyes Thai casino license for Macau Resort promotion
MGM China is interested in applying for a casino license in Thailand as a way to market its Macau resorts to Thai tourists.Co-Chairperson of MGM China Pansy Ho is rumored...
MGM China issues $500M in notes
MGM China, the Macau gambling operator, listed $500 million in 7.125 percent senior notes due 2031 on Thursday, June 27th.
According to a filing with the Hong Kong Exchange, the notes will only be offered to professional investors.
In a previous dispatch, Moody’s Ratings granted the notes a B1 rating, noting that this refinancing will not increase the company’s overall debt levels because the funds will replace recently repaid debt. A Moody’s B1 rating reflects a speculative and high credit risk investment.
Strengths mentioned by the rating agency included the company’s scale, strong presence in Las Vegas, and promising long-term prospects for its Macau business. Nonetheless, MGM’s rating is still limited by its high leverage, which includes substantial lease obligations.
Consistently positive free cash flow and lower debt levels are two factors that could lead to an upgrade; on the other hand, downgrades could happen if EBITDA drops or liquidity worsens.
A record high adjusted EBITDA of $320 million was recorded by MGM China in the first quarter of 2024, increasing 155% from the same period in 2019 and 77.3 percent year over year.
MGM Resorts hopes for bright future amid Vegas crisis
The company has maintained that the “future is bright” as it lauded its iGaming and sports betting venture, which was a joint venture with Entain, and praised the work it has...
