The board of MGM China has declared an interim dividend of HK$0.116 per share, amounting to approximately HK$440.8 million and representing 35% of profit attributable to owners of the company for the six months ended 30 June 2017. The dividend will be paid on 8 September.
In a filing to the Hong Kong Stock Exchange, MGM China said it had resolved to declare the interim dividend after reviewing the company’s financial position and determining “that the group had sufficient resources after the payment of the interim dividend to finance its operations and expansion of its business, including the development of an additional casino and hotel complex in Cotai.”
MGM China also confirmed that it is in the final stages of construction of its new Macau property, MGM Cotai, which is expected to open its doors in November.
“All building enclosure works have been completed across the tower and podium as has the majority of all external works at the perimeter — final cleaning efforts have commenced in multiple locations as has the installation of exterior LED video screens at the northeast and northwest corners of the property,” the company said.
“The majority of all fit out areas within the podium and tower are approaching completion with a significant effort now focused on detailed finish defect rectification and efforts related to completion and handover (including final testing and commissioning of building systems and network).
“As a part of these final completion efforts, furniture and fixture installation is also continuing which will lead into operating supplies and equipment install at the final stage.
“We are maintaining our expectation to open MGM Cotai in the fourth quarter of this year and as such, we are continuing to work with the Macau Government on the necessary inspections and approvals to accomplish the same.”
The HK$26 billion MGM Cotai will feature a transformable theater said to be the first of its kind in Asia and “enriched with incredible experiential technology elements to entertain our guests.”
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