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MGM China reports 38% surge in profit for H1

Aug. 8, 2012 (China Knowledge) - MGM China Holdings Ltd<2282>, a joint venture between MGM Resorts International and billionaire Stanley Ho's daughter Pansy Ho, has announced that its net profit jumped 37.75% YoY to HK$2.63 billion in the first six months of this year.

Adjusted EBITDA was HK$2.75 billion in the period, up 11.05% from the same period of last year. No dividend was declared.

The company's casino revenue increased to HK$10.8 billion in the first six months from HK$9.71 billion in the same period of last year.

MGM China said that it has applied to lease a 17.8-acre site in Macau’s Cotai Strip for a casino, hotel and entertainment complex, and is awaiting final approval from the local government.

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