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MGM Resorts issues $750mln loan to MGM China


MGM Resorts International (MRI) is issuing a loan of ‘up to $750 million’ to MGM China, according to an announcement by the company on Thursday. The group notes that the loan ‘highlights both MRI’s and the company’s confidence in the long-term growth potential of Macau’.

The loan ‘bolsters the company’s already strong financial position in meeting future working capital and other funding needs’, notes MGM China. It is set at an interest rate of 4 percent per year and the prevailing market rate and has a term of 24 months after the date of the agreement.

MRI owns approximately 56 percent of the issued share capital of MGM China.

The loan issuance comes after MGM China registered a 70 percent annual drop in net revenues for the third quarter, of $87.48 million.

Casino revenues during the period amounted to just $70 million for MGM China, a 72 percent annual drop.

The Macau operational results come as MGM Resorts reported its “best quarter in our Las Vegas Strip history”.

AGBrief Editorial
AGBrief Editorial
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.