MGM China Q4 profit rises 35 pct

Casino operator MGM China Holdings Ltd’s fourth-quarter profit rose by 35 percent last year from a year earlier as high-stakes gamblers bet more at its tables. The company’s parent company, MGM Resorts International, said MGM China’s fourth-quarter adjusted earnings before interest, tax, depreciation and amortisation rose to HK$1.86 billion (US$239 million) from a year earlier. MGM China’s net revenue rose by 27 percent to HK$7.2 billion. MGM China told the Hong Kong Stock Exchange that it would pay a special dividend of HK$1.02 a share and a final dividend of 26 Hong Kong cents a share. MGM China meanwhile revised the budget for its Cotai project to HK$23 billion, HK$3 billion more than previously announced. The company also announced a “special bonus” for employees. It follows the discretionary bonus of one month previously paid out at Lunar New Year, and means that workers will have received total bonus equal to two months’ salary for 2013, said the company.