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MGM China Injects $594M Into Macau Unit: WSJ

Benzinga Real-time News · Aug 22, 2022 08:14

MGM China Holdings Ltd, a unit of MGM Resorts International (NYSE:MGM), is planning to invest $594 million in its Macau casino operator, the Wall Street Journal reported.
The move comes after MGM's decision to apply for a fresh license in Macau.
Macau has introduced new rules for casino operators whose licenses expire at the end of 2022.
One of the conditions is that companies are required to increase their capital to 5 billion patacas (~$619 million).
Also, while the maximum number of casino licenses will stay at six, their tenure will be cut by half to 10 years, and 15% of a company's share capital must be held by a director who is a Macau citizen.
The report also added that other U.S.-based casino owners, including Wynn Resorts Ltd (NASDAQ:WYNN) and Las Vegas Sands Corp (NYSE:LVS), plan to renew their licenses in Macau.
Casino operators in Macau were badly hit after the units were closed following the outbreak of the COVID-19 pandemic.
Price Action: MGM shares are trading lower by 1.81% at $34.10 in premarket on the last check Monday.
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Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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