MGM China reported an 85% jump in its 2021 revenues to HKD 9.4bn ($1.4bn). Its adjusted EBITDA stood at HKD 390mn ($50mn), compared to a negative adjusted EBITDA of HKD 1.4bn ($179mn) in 2020. MGM Macau saw revenue up by 85% to HKD 5.2bn ($666mn) and MGM COTAI’s revenues rose 84% to HKD 4.2bn ($538mn). The Group had total liquidity of ~HKD 13.2bn ($1.69bn), consisting of cash and cash equivalent and undrawn revolver/revolving debt (Term of the Day, explained below). Jennifer Song, a Hong Kong-based analyst at Morningstar said, “We think strong pent-up demand and China’s expanding prosperity will continue to support Macau gaming revenue’s recovery”.
The company’s dollar bonds were flat with its 4.75% 2027s at 96.88, yielding 5.72%.
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