The board of directors at MGM China Holdings Ltd, a casino operator based in Macau, has put forward a proposal for a final dividend payment for the year 2024. The proposed dividend is set at HKD0.251 (equivalent to US$0.032) per share. This announcement was made through a filing by the company, which is listed on the Hong Kong stock exchange.
The proposed dividend payment is expected to total HKD953.8 million, which MGM China stated represents approximately 20.7 percent of the group's profit for the full year of 2024. The decision to propose this dividend comes after a year of significant financial growth for the company.
Financial Performance and Dividend Details for 2024
In 2024, MGM China reported a robust financial performance. The company's adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) increased by 25.2 percent year-on-year, reaching nearly HKD9.06 billion. This growth was driven by a 27.2 percent increase in aggregate revenue from the previous year, totaling just under HKD31.39 billion.
Furthermore, MGM China achieved a profit of HKD4.60 billion in 2024, marking a significant jump of 74.5 percent compared to the profit recorded in 2023. The proposed final dividend for 2024 is planned to be distributed on or about June 12. Shareholders eligible for this dividend must be listed on the company's register of members by June 3.
However, the payment of this dividend is contingent upon approval by the shareholders. MGM China emphasized that the board's decision to recommend the dividend payment was made after careful consideration of the group's overall financial position, current cash flow, future capital requirements, and other relevant factors.
Background on MGM China and Recent Dividend History
MGM China Holdings Ltd is controlled by the U.S.-based casino operator MGM Resorts International. The company operates two prominent properties in the Macau market: MGM Macau, located on the city's peninsula, and MGM Cotai, situated in the Cotai district.
In terms of recent dividend history, MGM China declared a special dividend in August of the previous year, amounting to just over HKD1.34 billion. The company resumed dividend payments in March of the same year, following a period during which its business, along with those of its five competitors in the Macau market, was adversely impacted by the Covid-19 pandemic.
"The board has resolved to recommend the payment of the final dividend after consideration of the group's latest general financial position, existing cash flow, capital requirements going forward and other factors that the board considered relevant," the firm stated.
Source: MGM China announces US$0.032 final dividend, GGRAsia, March 20, 2025.
Posted by Wizard
Mar 20 2025
Mar 20 2025
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