**Macau’s Fastest-Growing Casino Operator Seeks Major Expansion Funding**
Macau’s fastest-growing casino operator, which recently announced record revenue for 2024, is reportedly seeking $2 billion in financing to fund a major expansion in the Chinese gaming enclave.
Sources close to the company have revealed that MGM China Holdings Ltd has approached a dozen banks in search of a syndicated loan with a five-year Hong Kong dollar-denominated facility.
This would be the group’s first syndicated loan since the Covid-19 pandemic.
## “Record Performance from China” Boosts 2024 Revenue
On 12 February, US-based parent MGM Resorts International reported $17.24 billion in consolidated net revenue, setting a new record. This total exceeded the 2023 revenue of $16.16 billion by 6.7%.
CEO Bill Hornbuckle described it as “the best full-year consolidated net revenues in the history of the company,” driven by a record performance from MGM China. He added, “We’re also encouraged by the strong demand we’re seeing in the business so far in 2025, which positions us well for continued growth.”
Revenue from MGM China increased by 27.6% to $4.02 billion, marking the second-biggest revenue source for MGM, after the Las Vegas Strip.
“In Macau, we achieved the best full-year segment-adjusted EBITDA in the history of MGM China,” Hornbuckle stated. “We continue to be a high-performing outlier in the market with exceptional execution by the team.”
“Macau 2049, our first residency show at MGM Cotai, and the Poly Art Museum at MGM Macau, which sold over 10,000 tickets in one day during Chinese New Year, are both important steps in driving non-gaming revenues and visitation to Macau.”
MGM China commanded about 15.8% of the market share for the year, up from approximately 10% before the pandemic.
## MGM Seeks to Attract More Mass-Market Players
The proposed expansion of MGM properties in Macau isn’t a novel venture.
Since mid-2024, the company has been planning capital-expenditure projects at MGM Macau and MGM Cotai. This initiative aims to diversify its offerings beyond gaming, aligning with government mandates, and to increase its appeal among mass and premium-mass players.
In a November earnings call, MGM announced it would expand the premium gaming area at MGM Macau and increase the number of villas by 25%. At MGM Cotai, the company plans to convert 160 standard hotel rooms into 60 high-end suites.
MGM China President Kenneth Feng stated that the renovations are expected to be completed in the second half of 2025. “Once the projects are finished, we believe we are going to continue to lead our Macau market,” he said.
The company is also considering adding new hotel rooms, spas, and other wellness centers. Currently, it offers 2,000 rooms in Macau, the smallest portfolio among the Big 6 casino concessionaires.
MGM Resorts’ Asia unit is seeking billions in loans to expand its presence in Macau.