MGM China net surges 74pc

MGM China (2282) announced its net profit in 2024 surged by more than 74 percent to HK$4.6 billion, thanks to continued business growth after the relaxation of Covid-19 related travel curbs to Macau from late 2022.

The company declared a final dividend of 25.1 HK cents.

Adjusted earnings before interest, taxes, depreciation and amortization amounted to HK$9.06 billion, marking a growth of 25.2 percent over the previous year.

Operating revenue rose 27.15 percent year-on-year to HK$31.39 billion. Specifically, casino revenue recorded HK$27.28 billion, up more than 25 percent.

The company announced plans to declare semi-annual dividends in aggregate accounting for no more than 50 percent of the anticipated consolidated annual profits each year, according to its adjusted dividend policy. It may also declare special distributions from time to time, in addition to the semi-annual dividends.

Earlier, Bloomberg reported that MGM China is seeking an around US$2 billion (HK$15.6 billion)-equivalent syndicated loan, quoting people familiar with the matter.

The company is in talks with over a dozen banks for a five-year Hong Kong dollar-denominated facility, said the people, who asked not to be named discussing private matters. The borrowing, if completed, will be the group's first syndicated loan since the onset of the Covid-19 pandemic, according to Bloomberg-compiled data.

Staff reporter and Bloomberg