The Macau Metro Monitor, October 24, 2012
MGM RESORTS INTERNATIONAL SUBSIDIARY MGM CHINA HOLDINGS ANNOUNCES AMENDMENT AND EXTENSION OF CREDIT FACILITY Newswire
- US$2BN facility consisting of a US$550MM equivalent term loan and US$1.45BN equivalent revolving credit facility. The new facility amend and restate the existing US$950MM credit facilities of MGM Grand Paradise, S.A., in their entirety, and extend the term of those facilities for a five year period to October 29, 2017.
- Pricing: HIBOR +margin (initially set for 6-month period of 2.5% per year, but thereafter the margin (1.75-2.5%) will be determined by MGM China's leverage ratio)
- Timing: Expected to close on or about October 29, 2012.
MACAU SEPTEMBER VISITOR ARRIVALS DSEC
Visitor arrivals totaled 2,161,566 in September 2012, down slightly by 0.2% YoY. In September 2012, the average length of stay of visitors stood at 1.0 day, up by 0.1 day YoY. Visitors from Mainland China increased modestly by 0.8% YoY to 1,255,962, with those traveling to Macao under the Individual Visit Scheme rising by 11.4% to 500,395.
OCTOBER BREAKS MICE RECORDS FOR MARINA BAY SANDS TSNN News
Marina Bay Sands has had its busiest MICE month ever, with 13 tradeshows and several key conferences scheduled for the Singapore-based venue. The 13 tradeshows – approximately four times the monthly average since Sands Expo & Convention Center opened in April 2010 – will attract up to an estimated 46,000 delegates from industries as diverse as architecture, property, travel and hospitality as well as energy, according to venue officials.
The Marina Bay Sands has 120,000 square meters of MICE space across six expo halls and 250 meeting rooms.
MGM'S COTAI PROJECT TO NEED 8,000 STAFF: GRANT BOWIE Macau Business
MGM China expects to need about 8,000 employees for MGM Cotai. MGM China CEO Grant Bowie said he is confident the government will come up with policies to help all the Cotai projects in the pipeline to get enough manpower.