Moody’s expects MGM Resorts International to develop “large, high profile” IR opportunities around the world.
Macau.- Moody’s Investors Services expects MGM Resorts International to continue seeking IR opportunities, not only in Macau but in other parts of the world.
The group, together with local partner Orix, is currently the only contender in Osaka’s IR tender in Japan. The final selection of a private-sector partner for Osaka’s IR scheme is due in September of this year.
According to analysts, the pursuit of other integrated resort projects “would require significant equity investment and debt to finance construction and will continue to expand [MGM Resorts International] domestic operations.”
MGM has two casino resorts in Macau. They reported an adjusted EBITDA of HK$367.2m (US$47.4m) for Q4 2020 after three-quarters of losses.
Moody’s has given the casino operator a Baa3 qualification, due to constrained earnings as a consequence of the Covid-19 pandemic and the several lockdowns.