MGM Resorts made capital expenditures of $292 million in the first three months of 2015, of which $146 million related to MGM China, the company announced in a filing.
In a quarterly report filed with the US Securities and Exchange, MGM said its capital expenditures at MGM China included $132 million related to the construction of MGM Cotai and $14 million related to improvements at MGM Macau.
In the first quarter of 2014, MGM Resorts had capital expenditures of $193 million, of which $120 million related to MGM China.
The company’s borrowed net debt was $392 million in the first quarter of 2015, including $400 million of borrowings under the MGM Grand Paradise credit facility.
“We have significant outstanding debt and contractual obligations in addition to planned capital expenditures. At March 31, 2015, we had $14.6 billion of indebtedness, including $2.7 billion of borrowings outstanding under our $3.9 billion senior credit facility and $953 million outstanding under the $2.0 billion MGM China credit facility.”
MGM China paid a $400 million dividend in March 2015, of which $196 million was distributed to noncontrolling interests, compared with a $499 million dividend paid in March 2014, of which $245 million was distributed to non-controlling interest.