MGM China cancels US$750m credit facility

MGM China posted a net revenue of HK$24.7bn for 2023.

Macau.- MGM China has announced the termination of a MOP5.99bn (US$750m) credit facility from its majority shareholder, MGM Resorts International. The decision, according to a Hong Kong stock exchange filing, was made by the casino operator’s board of directors on March 15. MGM China said the credit facility, established in November 2022, remained unused at the time of the filing.

MGM China reported net revenue of HK$24.7bn (US$3.2bn) for 2023, a rise of 369 per cent in year-on-year and up 9 per cent when compared to pre-pandemic 2019. The casino operator recorded adjusted EBITDA at a historical high of HK$7.2bn, representing 117 per cent of 2019 levels

Moody’s Investor Services has upgraded MGM China’s credit outlook from negative to stable. The company’s senior unsecured notes rating has been affirmed at B1.