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Melco Resorts Finance says GGR up 94% through November 2020, proposes new US$250 million notes offering

Newsdesk by Newsdesk
Thu 14 Jan 2021 at 04:23
Patience pays

City of Dreams Macau

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Melco Resorts Finance Limited, the Melco Resorts & Entertainment subsidiary that operates City of Dreams Macau, Altira Macau and Mocha Clubs, says its gross gaming revenues in October and November 2020 grew by 94% compared with the previous quarter.

Although it didn’t provide any detailed GGR figures, the improvement reflects revenue growth reported by other operators since the return of the Individual Visit Scheme for mainland China residents during the third quarter. Wynn Resorts recently announced a 31% increase in GGR and return to positive EBITDA for October and November, while another Melco Resorts & Entertainment subsidiary, Studio City International Holdings, reported a 146% increase in GGR for the same period.

Melco had listed gaming revenues of around US$95 million for City of Dreams, Altira and Mocha Clubs combined in 3Q20.

The update comes as Melco Resorts Finance announced a proposal to conduct an international offering of 5.375% senior notes due 2029, with proceeds to be used to for “repayment of the principal amount drawn under the revolving credit facility under the senior facilities agreement entered into by MCO Nominee One Limited, a subsidiary of Melco Resorts Finance, on April 29, 2020, together with accrued interest and associated costs, and any remaining balance for general corporate purposes.”

The notes will be priced at US$250 million and constitute additional notes under the indenture dated 4 December 2019 pursuant to which Melco Resorts Finance issued US$900 million aggregate principal amount of 5.375% Senior Notes due 2029.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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