MGM China Holdings Limited shareholders approve lower annual dividend


    Asian casino operator MGM China Holdings Limited welcomed shareholders to its annual general meeting yesterday and the investors reportedly used the occasion to approve a year-end dividend of HK$0.097 ($0.012) per share.

    According to a report from GGRAsia, the most recent payment is 39.4% less than for the previous twelve-month period when the amount hit HK$0.160 ($0.02) per share although the Hong Kong-listed operator purportedly explained that the payout of around HKD368.6 million (US$46.98 million) represents approximately 15.9% of its net profit for 2017.

    Majority-owned by American casino giant MGM Resorts International, MGM China Holdings Limited is responsible for the MGM Macau venue while February saw it inaugurate its $3.4 billion MGM Cotai property. Thursday reportedly also saw the firm detail that it has now dispersed some 34.9% of its net profit for the whole of 2017 to shareholders via the year-end payment and an earlier interim payout of about HKD440.8 million ($56.18 million).

    At the meeting, shareholders moreover reportedly heard that MGM China Holdings Limited had experienced a 23.6% drop year-on-year in its net income for 2017 to around HK$2.32 billion ($295.75 million) while the assembled investors subsequently approved the election of Kenneth Xiaofeng Feng as a non-executive director for the firm.

    MGM China Holdings Limited shareholders approve lower annual dividend was last modified: May 25th, 2018 by Adam Morgan