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MGM China declares maiden dividend with profit doubles

Feb. 24, 2012 (China Knowledge) - MGM China Holdings Ltd<2282>, a joint venture between MGM Resorts International and billionaire Stanley Ho's daughter Pansy Ho, has declared a special dividend of 81.6 Hong Kong cents per share, or a total of HK$3.10 billion, for 2011, its first dividend since listing on the Hong Kong Stock Exchange last June.

Last year, the casino operator's net profit attributable to shareholders over doubled to HK$3.28 billion, principally boosted by gambling revenues, which rose from HK$12.13 billion in 2010 to HK$19.97 billion in 2011. In the same year, the firm's earnings per share were 86.3 Hong Kong cents.

Earnings before interest, taxes, depreciation and amortization or EBITDA stood at HK$4.93 billion last year, up 74.3% from a year earlier.

As of Dec. 31, 2011, MGM China had HK$5.59 billion in cash, around 1.9 folds more than it had at the beginning of last year.  

On Feb. 16, MGM China received a capital injection of HK$3.82 billion from its major subsidiary MGM Grand Paradise Ltd, said a person familiar with the matter.

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