MGM Resorts revealed via its 3Q25 results announcement on Thursday morning (Asia time) that it has entered into a new US$300 million-equivalent yen-denominated credit facility to support the short-term funding of its Osaka integrated resort development in Japan.
The facility comes with development of the US$10 billion IR well underway as MGM CEO and President Bill Hornbuckle confirmed that all elements of the project are now under construction.
According to information released by MGM, the secured credit agreement was reached last week with Sumitomo Mitsui Banking Corporation and includes an option to increase to around US$450 million. Maturing in October 2030, it has been agreed at an interest rate of 2.5% – described by Hornbuckle as “very attractive”.
In comments made during MGM’s 3Q25 earnings call, CFO Jonathan Halkyard reiterated the company’s bullish view of MGM Osaka and the returns it can offer, particularly in the wake of MGM recently withdrawing from another market once seen as lucrative – New York.
Having observed that the New York opportunity had become increasingly less attractive over time – especially after the initial license term was reduced from 30 years to 15 years post-submission of proposals – Halkyard went on to state, “One investment we’re very excited about is our project in Japan. Despite … securing this yen-denominated facility which will get us through next summer, we’ll be investing into that project in late 2026, 2027 and 2028. This is a project that we think probably has the most favorable supply demand dynamics of any integrated resort, so we’re very excited about that project.”
Movement in Macau
The company also provided some early 4Q25 performance indicators for its Macau subsidiary, MGM China, revealing that visitation to its two properties – MGM Macau and MGM China – had risen by 11% year-on-year during the recent eight-day Golden Week holiday period and total win by 20%.
October market share was, as a result, tracking back towards 16.5% after slipping to 15.5% in Q3.
The October performance, with EBITDAR said to be “well over US$100 million”, was boosted by the recent opening of a new high-end gaming space called Alpha Club and 28 Alpha Villas at peninsula MGM Macau.
“Similar to the elevated experience provided by MGM Cotai’s Mansion 1, MGM Macau’s 3500-square meter Alpha Club includes nearly 30 tables, a dedicated restaurant and a cigar lounge located just below the newly designed alpha villas. With more non-gaming and entertainment events taking place in Macau, customers now have more reasons to visit and continue to drive growth into the market,” Hornbuckle said.
Kenny Feng, MGM China’s President and Executive Director, added that the company continues to respond to rising competition in the market by fine-tuning its own product offering.
“We always said we are focusing on spending on customers by conducting capex projects and improving our services to refresh and fine tune experiences for our premier customers,” he explained.
“For example, we have fully launched our Alpha villas, Alpha Club and [multi-use venue] Fantasy Box at MGM Macau. There are no such products in the Macau market and they truly reflect our understanding of our customers. They are well received.”
Feng also said he expects October to deliver one of the strongest months for GGR performance in MGM China’s history – continuing an impressive recent run that has seen it regularly boast market share above the 16% range.
