MGM China Raises $500 Million to Replenish Reserves

MGM China, a division of MGM Resorts, plans to issue $500 million in senior notes to cover its current debt as well as other corporate needs.

Because of its significant leverage, Moody’s assigned MGM a B1 rating, identifying it as “speculative and high credit risk”.

Nevertheless, the rating agency expects a stable outlook because of Macau’s recovery and strong performance in Las Vegas.

A positive development in MGM China’s first-quarter 2024 performance was the adjusted EBITDA growth of 77% year over year.

In addition, the company’s portion of Macau’s gaming revenue has grown significantly, solidifying its place in the expanding market.

Original Story by: Asian Gaming Brief