MGM Resorts International on Monday announced it has completed its previously announced issuance of $750 million in aggregate principal amount of 6.75 percent senior notes due 2025.
According to the operator, net proceeds from the offering will be used for general corporate purposes, and further increasing its liquidity position. MGM said it may invest the net proceeds in short term interest-bearing accounts, securities or similar investments.
“The proceeds from this offering have further enhanced our already strong liquidity position to provide us with additional resources as we continue to navigate the impact of the COVID-19 pandemic on our business,” said Corey Sanders, Chief Financial Officer and Treasurer of MGM Resorts International.
“We are pleased with the successful execution of this transaction and the support from our investors, which allowed us to upsize the deal at an attractive rate and further solidify our balance sheet.”
There is still no clear path forward for the South Korean IR development, formerly known as the Caesars Korea Resort Complex, to resume construction, with the new owners not expecting an opening any earlier than 2025.
For this edition of our magazine, we focus on Southeast Asia, with a particular look at the Philippines. The country’s casino industry has been among the hardest hit in Asia, with the integrated resorts in Manila’s Entertainment City having remained mostly closed to the general public since the beginning of the crisis last year.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.