MGM China Declares Maiden Dividend Of 81.6 Hong Kong Cents For Total Dividend Payout Of HK$3.10 Billion
23 Fevereiro 2012 - 1:03AM
Dow Jones News
Macau casino operator MGM China Holdings Ltd. (2282.HK),
51%-owned by MGM Resorts International (MGM), said Wednesday it
would pay 81.6 Hong Kong cents a share, or a total of HK$3.10
billion, as its first dividend since listing in Hong Kong last
June.
The company's special dividend announcement comes weeks after
rival Sands China Ltd. announced plans to pay a dividend. Four of
Macau's six gambling operators have now paid or said they would pay
dividends, following similar announcements in past years by Stanley
Ho's SJM Holdings Ltd. and Wynn Resorts Ltd. unit Wynn Macau
Ltd.
MGM China's 2011 net profit doubled to HK$3.28 billion from
HK$1.57 billion, boosted by strong growth in casino gambling
revenues, which rose to HK$19.97 billion from HK$12.13 billion.
Analysts have said that dividend payments to shareholders aren't
standard in the casino industry, because companies generally still
prefer to spend cash on new growth opportunities. Nonetheless, they
say companies are increasingly under pressure to add or raise
dividends as the industry matures.
Though the dividend payments are evidence of operators'
improving cash flow, fueled by explosive gambling revenue growth in
Macau, they could also be seen as evidence that there aren't
immediate prospects for new development, according to analysts.
-By Hong Kong Bureau, Dow Jones Newswires; 852-2802-7002;
djnews.hk@dowjones.com
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