Boston, MA 04/01/2014 (usastockreports) – MGM Resorts International (NYSE:MGM) continues to reap heavily from its 51% ownership stake in its Chinese subsidiary, which continues to give it the much needed financial muscle to carry out Casino operations back in the U.S. February alone saw the company make a total of $320 million from its ventures in China which forms part of the $628 million in quarterly dividend that the company plans to offer to its shareholders.
MGM Resort’s Upcoming Projects
MGM resort is currently remodeling ‘The hotel’ next to Mandalay bay, a project that should be complete by September this year. The hospitality giant has also recently commissioned the construction of retail, dining and an entertainment district between New York and Monte Carlo, with the construction of its Casino’s strip expected to be completed this summer.
MGM Resorts International (NYSE:MGM) is also constructing a $350 million Sports Arena complex in partnership with Sports and Entertainment promoter AEG, the opening for this project has been scheduled for 2016. The company’s plan to enhance its presence in the populous Northeastern United States will become a reality once its $800 million worth resorts become fully completed.
MGM Resort’s Growing Dividend Profile
MGM Resort’s does not have a large casino slice in operation like the $45.2 billion annual gaming empire that Macau commands but it is making strides with impressive growth that are essentially improving its dividend profile. Its Cotai project which grew in cost by $300 million continues to keep up with the pace of other industry giants such as Las Vegas Sands Corp and Wynn Resorts which are in the process of building their own multibillion casinos.
The company’s Chief Financial officer maintains that the company’s dividends from China, is expected to continue trickling this year.
MGM Resorts International (NYSE:MGM) shares were up on Monday trading session by 3.94% closing the day at a high of $25.86.