MGM Cotai opening postponed to late 2017
MGM Resorts International has revealed that its Macau hotel and casino project will likely receive its first guest during the fourth quarter of 2017.
Macau.- The MGM Cotai development in Macau has been further delayed as MGM Resorts International has reportedly postponed the opening date until the fourth quarter of this year. The American casino operator announced in January that it would open its US$3.1 billion casino resort in the second half of 2017.
The company’s Chairman and CEO James Murren made the announcement during a conference call, according to GGRAsia: “It is going to open this year in the fourth quarter and probably right around or right after Golden Week, probably. But it’s going to open this year for sure and it’s going to be very spectacular.” Golden Week starts on October 1 and celebrates Chinese independence in the mainland as well as in Hong Kong and Macau.
Grant Govertsen, from Union Gaming Securities Asia Limited, told the media outlet that the investment bank expects MGM China Holdings Limited to “enjoy significant upside” after the opening of MGM Cotai. The Hong Kong listed company saw a year to year increase of 7.1 percent in its net revenue to reach US$502.3 million, coming from its MGM Macau venue.
Morgan Stanley commented on Thursday that property earnings before interest, tax, depreciation and amortization from the company “beat their estimate by 5 percent, driven by strong mass revenues that went up by 13 percent quarter-on-quarter.”
