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.