Macau GGR up as Melco Proposes Senior Note Offering

Melco Resorts Finance Limited has announced that its gross gaming revenues (GGR) in October and November 2020 were up 94% from the previous quarter. The company, which is a subsidiary of Melco Resorts & Entertainment (NASDAQ: MLCO), operates the City of Dreams Macau, Altira Macau, and Mocha Clubs.

Macau GGR rises

While there were no detailed GGR figures released, the improvement is in line with growth seen by other operators in Macau since the reintroduction in the third quarter of the Individual Visit Scheme for residents of mainland China. Wynn Resorts (NASDAQ: WYNN) saw a 31% increase in GGR as well as positive EBITA in the same period, while Studio City International Holdings, which is another Melco Resorts & Entertainment subsidiary, saw a 146% increase in GGR.

In the third quarter of 2020, Melco saw gaming revenues of roughly $95 million from City of Dreams, Altira, and Mocha Clubs.

At the same time, Melco Resorts Finance Limited has put forward a proposal to carry out an international offering of 5.375% senior notes due 2029. According to the statement, proceeds would be used for the “repayment of the principal amount drawn under the revolving credit facility under the senior facilities agreement entered into by MCO Nominee One Limited, a subsidiary of Melco Resorts Finance, on April 29, 2020, together with accrued interest and associated costs, and any remaining balance for general corporate purposes.”

The notes are to be priced at $250 million and would count as extra notes under the agreement from 4 December 2019 in which Melco Resorts Finance issued $900 million aggregate principal amount of 5.375% Senior Notes due 2029.

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