MGM China Holdings Limited has successfully completed the issuance of US$750 million in 6.25% senior notes due 2033, reinforcing the company’s long-term financial strategy as Macau’s integrated resort sector continues its recovery and transformation.

Parent company MGM Resorts International confirmed that the offering was completed under an agreement with Wilmington Savings Fund Society, FSB acting as trustee.

According to the filing, the notes were sold in the United States to accredited investors before being resold to qualified institutional buyers and non-US investors in accordance with securities regulations.

The company expects to receive approximately US$739.9 million in net proceeds after fees and expenses, which will primarily be used to repay part of its revolving credit facility while also supporting general corporate purposes.

Interest on the notes will be paid semi-annually every 15 May and 15 November beginning from November 2026.

Why This Refinancing Matters

This transaction is more than just a debt issuance — it represents a strategic balance sheet optimization move.

Macau operators are currently balancing several major priorities simultaneously:

• maintaining liquidity,
• funding ongoing property upgrades,
• reducing leverage,
• competing for premium mass customers,
• and preparing for the next phase of Asian integrated resort competition.

By extending debt maturity to 2033, MGM China gains improved financial visibility and reduced near-term refinancing pressure.

This creates greater flexibility for the company to continue investing into:

• premium hospitality,
• suite product enhancements,
• entertainment offerings,
• and high-margin customer acquisition strategies.

In today’s gaming industry, capital flexibility is becoming just as important as gaming performance itself.

Fitch Highlights MGM China’s Competitive Strength

Importantly, Fitch Ratings assigned the notes a “BB-” rating, reflecting confidence in MGM China’s operational positioning and financial outlook.

According to Fitch, MGM China benefits from:

“strong competitive position through increased market share, ongoing improvements in Macau’s market, and access to capital to fund near-term capital projects and further debt reduction.”

This assessment highlights how MGM China has continued strengthening its position within Macau’s highly competitive integrated resort sector.

Over the past two years, the company has consistently shown strong momentum in the premium mass segment — a critical driver of profitability in the modern Macau gaming model.

MGM China’s Premium Strategy Is Becoming Clearer

One of the company’s key strategic themes recently has been its aggressive focus on premium hospitality and suite offerings.

CEO Kenneth Feng recently revealed that suite products can generate up to five times the yield of standard hotel rooms, explaining why operators are increasingly converting regular room inventory into higher-end premium accommodations.

This reflects a broader shift occurring across Macau:

• less emphasis on sheer visitor volume,
• greater focus on premium customer quality,
• and stronger monetization per visitor.

MGM China appears to be positioning itself directly within this high-value segment strategy.

Investor Confidence in Macau Remains Intact

The successful completion of a US$750 million offering also sends an important signal to the broader market.

Despite global economic uncertainty and rising regional competition from emerging gaming jurisdictions such as Thailand and Japan, institutional investors continue showing confidence in Macau’s long-term outlook.

Access to large-scale capital markets remains a key competitive advantage for established operators like MGM China.

Operators with stronger balance sheets and better financing flexibility will likely be in a stronger position to:

• modernize assets,
• pursue diversification initiatives,
• weather economic cycles,
• and compete for Asia’s premium tourism market over the next decade.

For MGM China, this latest financing move strengthens both operational resilience and long-term strategic flexibility as Macau enters its next growth chapter.