Scientific Game

MGM Resorts venture announces CityCenter refinancing

Wednesday, 19 April 2017 01:43
Share
Visit us

CityCenter Holdings, a venture between MGM Resorts International and Infinity World Development Corp, has announced that it has completed its refinancing transactions consisting of a new seven-year US$1.6 billion term loan and a new five-year US$125 million revolving credit facility. 

In connection with the refinancing transactions, the term loan B was issued at 99.5% of par and will bear interest at LIBOR plus 2.50%, representing a 25 basis point decrease from the prior facility, with a LIBOR floor of 0.75%. The revolving facility will bear interest at LIBOR plus 2%, unchanged from the prior facility. The revolving facility will mature in 2022 and the term loan B facility will mature in 2024.  

CityCenter used the net proceeds from the term loan to refinance the outstanding amount under its existing term loan, pay a US$350 million dividend to its members and pay related fees and expenses. CityCenter also paid its previously announced US$250 million dividend from cash on hand, resulting in an aggregate dividend of US$600 million to its members.

“We are very pleased by the overwhelming response from our lenders who continue to value CityCenter's improved operating performance, premium asset quality and strong balance sheet," said Jim Murren, Chairman and Chief Executive Officer of MGM Resorts International and Chairman of CityCenter. "Going forward, CityCenter will remain focused on executing its business plan and maximizing value for its shareholders."

CityCenter, which is 50% owned by a wholly owned subsidiary of MGM Resorts International and 50% owned by Infinity World Development Corp (a wholly owned subsidiary of Dubai World), is an urban mixed-use development on the Las Vegas Strip that includes ARIA Resort & Casino, a 4,004 room casino resort; Mandarin Oriental Las Vegas, a 392-room non-gaming boutique hotel with 225 luxury condominium residences; Vdara Hotel and Spa, a 1,495-room luxury hotel-condominium; and the Veer Towers, which contain 669 luxury condominium residences. CityCenter opened in December 2009.

 

What's new

IGT forms joint venture to provide lottery products in China Global gaming giant IGT has formed a Chinese-foreign equity joint venture with Shenzhen Tian Lian Cai Investment Co Ltd – a subsidiary of Chinese conglomerate Telling Telecommunication Holding Co Ltd – to provide innovative lottery products to regulated Lottery Centers in the People’s Republic... Thursday, 27 July 2017 22:53

Genting Singapore tipped to outperform MBS in mass

Genting Singapore tipped to outperform MBS in mass Genting Singapore is tipped to outperform its Singapore rival Marina Bay Sands (MBS) in the mass market segment, according to Morgan Stanley analysts, with property EBITDA estimated to come in at SG$270 million when the former releases its 2Q revenue results in the coming weeks. The prediction foll... Thursday, 27 July 2017 22:43

Pachinko leader Dynam sees revenue decline as high limit players stay away

Pachinko leader Dynam sees revenue decline as high limit players stay away Japan’s pachinko market leader, Dynam Japan Holdings, saw its revenues decline in the three months to 30 June 2017 due to “a harsh environment” that has seen a fall in the number of customers playing in its high playing cost halls. In its 2Q earnings release, filed with the Hong Kong Stock Ex... Thursday, 27 July 2017 22:14

City of Dreams Manila, Studio City growth behind Melco Resorts revenue surge

City of Dreams Manila, Studio City growth behind Melco Resorts revenue surge A massive 80.6% increase in revenue at Studio City in Macau and 46.6% growth at City of Dreams Manila has propelled Melco Resorts & Entertainment Ltd’s strong 2Q results, with revenue for the company up 21% year-on-year to US$1.3 billion. On a US GAAP basis, operating income for the second qu... Thursday, 27 July 2017 21:56

Current Issue

Shining Star- Matt Bekier

Shining Star- Matt Bekier When Matt Bekier was appointed CEO of Star growth expected when 2017 results are released later this year and entertainment Group – then known as echo entertainment – in 2014, the company was reeling from a 30.5% fall in profits, plunging share prices and ongoing public relations nightmares incl... Wednesday, 26 July 2017 08:08

Beating the odds, changing the game

Beating the odds, changing the game By Muhammad CohenWith customers literally breaking down the doors at its May 2004 opening, Sands Macao demonstrated Macau’s untapped mass market potential. Thirty-eight months later, the Venetian Macao tapped that potential – and it was a gusher. The success of the Venetian, which instantly beca... Wednesday, 26 July 2017 07:54

View from the top

View from the top Inside Asian Gaming speaks to Aristocrat’s recently promoted CEO Trevor Croker about his first few months in the top job and his plans for maintaining the slots giant’s winning momentum.   Inside Asian Gaming: You’ve been CEO for a little over four months now. How have you found the role so... Wednesday, 26 July 2017 07:37

From Uber to Amazon

From Uber to Amazon By: Dr Peter T Treadway In his latest column for Inside Asian Gaming, Dr Peter T Treadway explains why regions like Macau and Hong Kong must support tech business as the way of the future.   Since issuing the last Dismal Optimist in May, tech stocks roared upward. That is until the afternoon of... Wednesday, 26 July 2017 07:19