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Fitch Ratings once again gave casino developer MGM Resorts International and its affiliate MGM China Holdings an issuer default rating (IDR) and a "BB-" rating. The ratings agency said on Monday the casino group's outlook was "stable," reflecting "Fitch's expectation that MGM's leverage will remain stable and that liquidity is sufficient to fund future growth opportunities."

Fitch withdrew MGM's IDR in May 2022, citing "commercial reasons." 안전한 카지노사이트

In an update on Monday, the agency observed a "strong reduction" in MGM Group's leverage, and said it was able to "reduce interest, taxes, depreciation, amortization, restructuring or rent expense (EBITDAR) leverage from 8.4 times in 2021 to 5.5 times in 2023."

" EBITDA leverage, excluding leases from debt, improved from 8.6 to 2.8 times over the same period by applying proceeds from asset sales to free cash flow and debt reduction," Fitch added.

MGM China operates casino resort properties MGM Macau (pictured) and MGM Kotai in Macau.

"The continued rebound in the two MGM properties in Macau should support near-term growth," Fitch said.

However, it added: "These positive factors are offset by the company's aggressive development plans, revenue volatility from high-end play in Las Vegas and Macau, increased cost pressures, and a lack of property ownership that could impact financial flexibility in weak economic conditions."

"We do not expect any further significant debt reductions during the forecast period," the rating agency said, predicting EBITDAAR leverage "in the range of 5.0 to 5.5 times."

"Future free cash flow generation and free cash will enable us to raise future growth opportunities and the funds needed to buy back our shares," it added.

MGM Resorts is developing Japan's first casino resort, located in Osaka and scheduled to open in 2030. The group also mentioned its northern license in New York, the United States, and its push for plans for non-casino hotels in Dubai, United Arab Emirates.

Separately on Monday, MGM Resorts said it had priced an offering of $750 million in aggregate principal amount for its 6.500% senior bond due 2032. It added that the transaction is expected to be completed on April 9.

The casino company said it plans to use the net proceeds from the offering "for repayment of existing debt, including 6.750% senior bonds," due in May 2025.

CBRE Capital Advisors Inc said in a note on Monday that MGM has "good credit momentum with sound domestic operating fundamentals and strong market share gains in MGM China."

"We appreciate MGM China's timely refinancing at MGM's domestic box in May 2025 at a time when it was due $750 million within two months but no refinancing has yet taken place," wrote analysts Colin Mansfield and Connor Parks.