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.”
AstroPay is the pioneer payment solution for thousands of consumers in Latin America, Asia and Africa, who want to purchase online on international sites, that helps merchants access new markets through its main product, AstroPay Card.
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
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.