MGM Resorts International has agreed to provide a subordinated revolving loan facility of up to US$750 million to its Macau-based subsidiary, MGM China, the latter announced this morning.
According to details filed with the Hong Kong Stock Exchange, the availability of the facility “further bolsters the company’s already strong financial position in meeting future working capital and other funding needs.”
It also “highlights both MGM Resorts International’s and [MGM China’s] confidence in the long-term growth potential of Macau.”
The term of the facility is 24 months after the date of the agreement with an interest rate to be the greater of 4% per annum and the prevailing market rate, the company said.
