Macau concessionaire MGM China has terminated a $750 million revolving loan facility provided by parent company MGM Resorts International in late 2022, arguing that it no longer needs the money.

In a Wednesday filing, the company said it had executed a letter with MGM Resorts in which the two parties mutually agreed to the voluntary cancellation of the entire $750 million unutilized commitment under the facility agreement, with no party liable to the other.

MGM China explained that the facility – agreed to in November 2022 before Macau’s international borders reopened – had been intended to meet the then future working capital and funding needs of the company. However, its revenue “recorded a substantial increase in 2023, which was underpinned by a significant recovery in the markets the Company operates in following the easing of COVID-19 travel restrictions to Macau which began in late 2022.