Macau casino operator MGM China Holdings Ltd has already hired consultants and designers over plans to add hotel rooms and "wellness" services to MGM Cotai casino resorts, business news service Bloomberg reported on Wednesday.
The outlet cited people familiar with the matter, who could not speak about the record.
In December 2022, shortly after MGM China confirmed a new 10-year Macao Games concession, Chairman Pansy Ho Chiu King held a press briefing referencing numerous concession-related non-gaming investment commitments to MGM Cotai.
The latter has a larger footprint than MGM Macau, which has 600 rooms on the urban peninsula.
Among the pledges was the "Urban Oasis," described as a "totally new landmark of health and wellness tourism."
At the time, the company said it would provide "a one-stop service that combines wellness and medical services such as medical hydration, diet, leisure and health care, medical tourism, and health evaluation."
The casino company also confirmed plans to add an additional hotel tower to MGM Kotai, which opened in February 2018 with 1,390 rooms.
The Macau government has requested that the amount of non-gaming amenities it provides to six casino concession holders be increased under the terms of new concessions that began in January 2023. The city is looking to break away from its reliance on high-risk casino gambling as part of the Macau government's economic diversification plan.
MGM China's casino market share is improving even as the local government's policy focus shifts to non-game tourism.
At the time of its first-quarter earnings report on May 2, the casino operator said Macau's market share based on total game sales had "increased further" to 17% in the three months to March 31, compared with 15.2% a year earlier and 9.5% in 2019.
Part of the increase in market share was due to the higher number of game tables allocated to MGM China as part of the new concessions.
Meanwhile, MGM China confirmed the price and net profit from its $500 million senior unsecured bond issue in a filing on Wednesday.
The casino company said on Tuesday it had entered into purchase agreements with BofA Securities and Deutsche Bank AG and its Singapore branch as representatives of first-time professional investor buyers.
The note has a 7.125% coupon and expires on June 26, 2031.
MGM China said net income would be approximately $493.1 million, minus discounts from first-time buyers and other expected offering costs.
"The Company intends to use the proceeds of the offering to repay a portion of the outstanding amount under the revolving credit facility," it added
"We will be allowed to borrow such amounts again, subject to the revolving credit facility," MGM China said.
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