MGM China said the company’s lenders have agreed on a revolving credit facility of HK$9.75 billion ($1.24 billion) that will refinance existing senior secured credit facilities and will be used for working capital.
It said the new facility will replace the existing senior secured credit facilities of the company and MGM Grand Paradise, S.A. in their entirety with effect from August 14, 2019. The loan will carry interest based on a margin of between 1.625 percent and 2.75 percent over HIBOR, depending on the group’s leverage ratio.
MGM China is a unit of MGM Resorts International and operates two IRs in Macau. Its MGM Cotai was the most recent opening on the Cotai Strip, leaving just SJM Holdings yet to operate a property in the area.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
The Philippines has extended a ban on flights from the U.K. following the discovery of a new strain of Covid-19, but said it won't ban other nations unless there is evidence of community transmission in that country.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.