MGM launches new luxury suites in Cotai
MGM China has announced the launch of new south tower accommodation at its Cotai venue.
Macau.- MGM China has launched its new Emerald Tower suites at its Cotai venue with a capital cost of HKD677m (US$87.1m). Emerald Tower comprises 28 suites, ranging in size from 128 square metres (1,378 sq. feet) to 371 sq. metres.
In a press release, the company said: “The development of MGM Cotai Emerald Tower suites is the latest project to strengthen our position in the premium mass segment.”
Bill Hornbuckle, MGM CEO, said he expected the new facilities would be well-received by premium mass clients.
MGM China posts US$311m in revenue for Q2
In August, MGM China published its financial results for the second quarter of the year, reporting a rise in net revenue to US$311m, up 836 per cent when compared to the prior-year quarter but down 56 per cent compared to the second quarter of 2019.
VIP Table Games turnover was up 9 per cent while table games win grew from US$12m to US$71m when compared to the prior-year quarter. Main floor table games revenue was up 20 per cent to US$1.3bn.
In the first quarter, MGM China reported revenue of HKD2.30bn (US$296.4m), supported by growth in the mass-market segment.
Bill Hornbuckle, MGM CEO, said Macau’s GGR dropped during the second quarter due to a rise in Covid-19 cases in Guangdong although he noted revenue started to improve again in July.
