MGM China announces revamp to dedicate more space to the arts

MGM China Holdings has submitted an application to construct a new block at MGM Cotai.

Macau.- MGM China Holdings has outlined plans to increase its investment in arts and culture in its casino resorts. The company intends to repurpose the entire first floor of MGM Macau, covering around 60,000 square feet, for performances, fashion events and exhibitions. The work is set for completion by the third quarter of 2024.

Meanwhile, MGM Cotai will dedicate 100,000 square feet to art galleries, installations and thematic dining experiences. Pansy Ho, chairperson and executive director of MGM China Holdings, said the company had made an application to build a new block at the resort.

The announcement includes a collaboration with Portuguese artist Joana Vasconcelos, known for the Valkyrie Octopus art installation at MGM Macau in 2015. She will make a new piece, Valkyrie Miss Dior, in collaboration with the luxury brand Dior.

The initiatives align with MGM China’s MOP16.7bn commitment to non-gaming endeavours over the next decade. This strategic shift underlines the company’s pursuit of innovative avenues beyond conventional gaming.

MGM China Holdings has recently shared its financial results for the second quarter of the year. Net revenue was US$741.0m, up 4.9 per cent when compared to the second quarter of 2019 and up 20 per cent in quarter-on-quarter terms.

The casino operator reported positive adjusted EBITDA of HK$1.75bn (US$223.9m), up 19.8 per cent compared to the second quarter of 2019 and 24.1 per cent from the preceding quarter. Profit attributed to MGM China’s stakeholders reached HK$D669.63m, contrasting with a HK$1.37bn loss in the corresponding period last year. Profit was up 342.6 per cent when compared to the previous quarter.