MGM China announces payment of special dividend
The company expects to spend HK$1.34bn (US$172m) on the dividend.
Macau.- MGM China Holdings has announced that it will pay a special dividend of HK$0.353 per share. The company expects to spend HK$1.34bn (US$172m) on the dividend, which is scheduled to be paid on October 4.
The decision was made after a review of the company’s financial position, cash flow and future capital requirements. The casino operator said that, following this payment, it will still have adequate resources to fund its operations, business development, and commitments to the Macau government under its Macau gaming concession.
For the second quarter of the year, MGM China posted a net revenue of HK$7.95bn (US$1.02bn), up 37 per cent year-over-year and slightly down on the HK$8.3bn reported in the first quarter.
The company reported record property earnings before interest, taxes, depreciation, amortisation and restructuring (EBITDAR) of HK$2.44bn (US$312.7m), up 39.8 per cent year-over-year. The company attributed the result to the continued ramp-up of operations after the removal of Covid-19-related travel restrictions in the first quarter of 2023. Property visitation reached 156 per cent of 2019 levels.
