{"id":777014126,"date":"2024-03-20T08:26:28","date_gmt":"2024-03-20T11:26:28","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777014126"},"modified":"2026-04-22T11:53:27","modified_gmt":"2026-04-22T14:53:27","slug":"moodys-upgrades-mgm-china-credit-outlook","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/moodys-upgrades-mgm-china-credit-outlook","title":{"rendered":"Moody&#8217;s upgrades MGM China credit outlook"},"content":{"rendered":"\n<p>The company\u2019s senior unsecured notes rating has been affirmed at B1.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Macau.-<strong>\u00a0Moody\u2019s Investor Services\u00a0<\/strong>has upgraded\u00a0<strong>MGM China&#8217;s credit outlook\u00a0<\/strong>from negative to stable. The company\u2019s senior unsecured notes rating has been affirmed at B1.<\/p>\n\n\n\n<p>Moody&#8217;s also confirmed parent company MGM Resorts&#8217; ratings. It said the company&#8217;s US regional and Las Vegas operations were strong and liquidity is good, with substantial cash balances and revolver availability.<\/p>\n\n\n\n<p>During the fourth-quarter earnings call, CEO<strong> Bill Hornbuckle <\/strong>said MGM China broke through the 20 per cent market share barrier in Macau in January. The company posted net revenue of US$983m for the fourth quarter of 2023, an increase of 462 per cent over the prior year quarter and 35 per cent compared to the fourth quarter of 2019. MGM Macau recorded revenue of HK$3.05bn (US$390m) and adjusted property EBITDAR of HK$824.7m (US$105.5m), MGM Cotai HK$4.62bn (US$590.8m) and HK$1.37bn (US$175.2m).<\/p>\n\n\n\n<p>For the full year 2023, MGM China posted <a href=\"https:\/\/focusgn.com\/asia-pacific\/mgm-china-revenue-up-369-in-2023\" target=\"_blank\" rel=\"noreferrer noopener\">net revenue of HK$24.7bn (US$3.2bn)<\/a>, up 369 per cent in year-on-year terms and up 9 per cent when compared to 2019, before the Covid-19 pandemic.<\/p>\n\n\n\n<p><strong>MGM Resorts<\/strong>&nbsp;is also developing <a href=\"https:\/\/focusgn.com\/asia-pacific\/osaka-considers-fixed-fee-for-foreign-visitors-to-mitigate-overtourism\" data-type=\"link\" data-id=\"https:\/\/focusgn.com\/asia-pacific\/osaka-considers-fixed-fee-for-foreign-visitors-to-mitigate-overtourism\" target=\"_blank\" rel=\"noreferrer noopener\">an integrated resort (IR) in Osaka, Japan<\/a>. Construction is scheduled to commence in 2025 for a 2030 opening.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company\u2019s senior unsecured notes rating has been affirmed at B1.<\/p>\n","protected":false},"author":176,"featured_media":17968,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Moody's Investor Services has upgraded MGM China's credit outlook to stable, affirming its B1 senior unsecured notes rating, citing robust performance from parent MGM Resorts' US operations and strong liquidity. MGM China demonstrated significant financial recovery in Macau, achieving over 20% market share in January and reporting substantial year-on-year revenue growth for Q4 2023 and the full year, while MGM Resorts progresses with its integrated resort development in Osaka, Japan.","focusai_entities":"Moody's Investor Services, MGM China, MGM Resorts, Bill Hornbuckle","focusai_location":"Macau, Las Vegas, Osaka, Japan","focusai_target_profile":"ceo_executive (1.0), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Macau Market Share Impact","query":"How sustainable is MGM China's over 20% market share in Macau, and what competitive responses are anticipated from other concessionaires in the evolving market landscape?"},{"label":"Osaka IR Funding Strategy","query":"What is the projected capital expenditure for the Osaka IR, and how will MGM Resorts' improved credit profile influence its financing strategy and potential debt structuring for this significant development?"}],"footnotes":""},"categories":[157,16338],"tags":[1618],"class_list":["post-777014126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-mgm-china"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777014126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777014126"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777014126\/revisions"}],"predecessor-version":[{"id":777014141,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777014126\/revisions\/777014141"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17968"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777014126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777014126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777014126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}