• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 2 February 2023
    • 中文
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

MGM Resorts confident of success in Macau, Osaka tender bids

Ben Blaschke by Ben Blaschke
Thu 22 Sep 2022 at 06:25
MGM China says no plans to restructure

MGM Macau

40
SHARES
992
VIEWS
Print Friendly, PDF & Email

Chief Financial Officer of MGM Resorts International, Jonathan Halkyard, has told investors the company is confident it will be successful in its bids to win a new 10-year gaming concession in Macau and to develop an integrated resort in Osaka, Japan.

Speaking at the Deutsche Bank Leveraged Finance Conference on Wednesday (Asia time), at which he outlined the company’s financial position and group strategies going forward, Halkyard noted that MGM was currently in a holding pattern in Asia as it awaits news on those two key bids.

They include the re-tender process in Macau, with MGM China one of seven companies to have submitted a bid last week for the award of up to six concessions before the current concessions expire on 31 December 2022.

“We worked very hard on our application for the re-tendering,” he explained.

“We submitted that a week ago. We had oral presentations this past weekend which I’m told went quite well from our perspective. We understand that this process is going to continue for the next three months and a decision will be made by the end of the year so that’s the timeline we’re working on.”

“How that timeline works in terms of individual milestones and back and forth is to be determined, but there is no greater priority for our MGM China management team right now and for MGM Resorts as majority shareholder than seeing us through to a successful conclusion.”

MGM is also awaiting news from the central government of Japan on whether its submission to develop a US$9 billion integrated resort in Osaka has been successful. MGM and its local partner ORIX Corp were confirmed by Osaka city and prefecture as preferred partner for the IR bid in September 2021 and submitted their bid in April of this year.

“The Osaka integrated resort, this is an investment we will be making presuming we are awarded a license in Japan,” Halkyard said.

“It is an integrated resort that we think will be a fantastic property, certainly down the road, but we are very optimistic about our ability to proceed with that.”

Despite the company’s ongoing Macau woes, which saw MGM China report a US$306 million loss in the six months to 30 June 2022, Halkyard told investors on Wednesday that MGM Resorts has never been better placed financially – buoyed by the recent sale of Las Vegas real estate assets and booming business levels across the United States.

“MGM’s liquidity position has never been stronger,” he said. “Rolling forward and taking into account retiring our notes next March, we will have more than US$4 billion in cash on the balance sheets and almost US$6 billion in total liquidity.”

RelatedPosts

Macau GGR down 62% year-on-year to MOP$2.48 billion in June

Macau recovery tracking well ahead of schedule, say analysts

Thu 2 Feb 2023 at 06:42
Academics not expecting much from Macau’s Golden Week as mainland pandemic repeats

Macau gaming stocks gain traction on positive January GGR results

Thu 2 Feb 2023 at 05:15
Asia to provide more than half of Spintec’s 2019 revenue  

Spintec inks new three-year Southeast Asia distribution deal with Macau’s Asia Pioneer Entertainment

Thu 2 Feb 2023 at 04:44
Macau GGR climbs to MOP$11.58 billion in January, highest in three years

Macau GGR climbs to MOP$11.58 billion in January, highest in three years

Wed 1 Feb 2023 at 12:47
Load More
Tags: Deutsche BankJapanJonathan HalkyardMacauMGM ChinaMGM Resortsre-tender
Share16Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial: Macau GGR recovery: A New Hope

Editorial: Macau GGR recovery: A New Hope

by Ben Blaschke
Wed 1 Feb 2023 at 02:17

The speed with which Macau’s short-term prospects have turned around since the start of the year is nothing short of...

Publication of record

Publication of record

by Andrew W Scott and Ben Blaschke
Wed 1 Feb 2023 at 01:44

It has been quite the ride for Inside Asian Gaming, from a small 40-page pilot publication back in September 2005...

Missing in action

Missing in action

by David Green
Wed 1 Feb 2023 at 00:55

Macau’s concessionaires have committed to spending a combined US$13.5 billion on non-gaming attractions over the next 10 years, but they...

Return of the ICE age

Return of the ICE age

by Ben Blaschke
Wed 1 Feb 2023 at 00:43

A full-sized ICE London returns for the first time in three years in February, with organizers promising the biggest show...

Softswiss
Evolution Asia
Aristocrat
Solaire
Solaire
Beter
Beter
IGT

Related Posts

We’re Back!

Morgan Stanley: Singapore GGR to surpass all-time high in 2024

by Ben Blaschke
Thu 2 Feb 2023 at 12:12

Singapore’s gross gaming revenue is tipped to reach US$5.2 billion in 2024, exceeding its 2018 peak of US$4.6 billion on the return of Chinese tourists, according to investment bank Morgan Stanley. The positive outlook former part of a recent note...

Macau GGR down 62% year-on-year to MOP$2.48 billion in June

Macau recovery tracking well ahead of schedule, say analysts

by Ben Blaschke
Thu 2 Feb 2023 at 06:42

Macau’s January GGR, which saw the market post its highest monthly revenue result in three years, represented a “solid beat” over sell-side consensus and suggests recovery is tracking two or three quarters faster than expected, analysts said Wednesday. The Gaming...

International Betting Integrity Association sees 14% increase in suspicious betting alerts in 2022

International Betting Integrity Association sees 14% increase in suspicious betting alerts in 2022

by Newsdesk
Thu 2 Feb 2023 at 06:22

The International Betting Integrity Association (IBIA) reported 268 suspicious betting alerts in 2022, up 14% on 2021 figures and including 51 reports in Asia. However, the IBIA said the increase was a result of significant growth of its membership and...

Academics not expecting much from Macau’s Golden Week as mainland pandemic repeats

Macau gaming stocks gain traction on positive January GGR results

by Ben Blaschke
Thu 2 Feb 2023 at 05:15

The Hong Kong-listed entities of Macau’s six casino concessionaires all saw their share prices notch strong gains on Wednesday, just hours after the Gaming Inspection and Coordination Bureau (DICJ) announced the highest monthly gross gaming revenues in three years. As...


IAG

© 2005-2023
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Consulting
  • Magazines
  • Advertise
  • Contact
  • About

© 2005-2023
Inside Asian Gaming.
All rights reserved.