MGM Resorts, Ho refinance debt for Macau resort with $950M in loans due 2015

MGM Resorts refinances Macau debt with $950M loan

LAS VEGAS — Casino operator MGM Resorts International and its partner in Macau are borrowing $950 million to refinance existing debt for their Chinese resort.

The Las Vegas-based company said Monday the new debt for the MGM Macau resort includes a $550 million term loan and a $400 million revolving credit facility due July 2015.

Officials say the deal will also give MGM Macau more cash.

MGM Resorts’ partner in the Chinese gambling enclave is Pansy Ho, daughter of famed casino mogul Stanley Ho.

Union Gaming Group analyst Bill Lerner says the move suggests MGM Resorts and Ho could be ready to move ahead with an initial public offering on the Hong Kong market.

MGM Resorts is likely to update investors about the offering Tuesday, when it reports second-quarter results.