MGM China Holdings has submitted an application to construct a new block at MGM Cotai.<\/p>\n\n\n\n\n\n\n\n
Macau.- MGM China Holdings<\/strong> has outlined plans to increase its investment in arts and culture in its casino resorts<\/strong>. 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.<\/p>\n\n\n\n Meanwhile, MGM Cotai will dedicate 100,000 square feet to art galleries, installations and thematic dining experiences. Pansy Ho<\/strong>, chairperson and executive director of MGM China Holdings, said the company had made an application to build a new block at the resort.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n MGM China Holdings<\/a> 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<\/a>.<\/p>\n\n\n\n The casino operator reported positive adjusted EBITDA of HK$1.75bn (US$223.9m), up 19.8 per cent compared to the second quarter of 2019 and 24.1 per cent from the preceding quarter. Profit attributed to MGM China\u2019s stakeholders reached HK$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.<\/p>\n","protected":false},"excerpt":{"rendered":" MGM China Holdings has submitted an application to construct a new block at MGM Cotai.<\/p>\n","protected":false},"author":176,"featured_media":17968,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"MGM China Holdings is significantly expanding its non-gaming offerings at MGM Macau and MGM Cotai, dedicating substantial floor space to arts, culture, and thematic dining, aligning with its MOP16.7bn commitment over the next decade. This strategic diversification is supported by robust Q2 2024 financial performance, including a 4.9% increase in net revenue compared to Q2 2019 and a return to profitability.","focusai_entities":"MGM China Holdings, MGM Macau, MGM Cotai, Pansy Ho, Joana Vasconcelos, Dior","focusai_location":"Macau, Cotai","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.75), operator_casino (0.9), product_ux (0.7), marketing_crm (0.75), investor_analyst (0.98), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Non-Gaming ROI Projections","query":"What are MGM China's projected return on investment (ROI) metrics and timeline for the MOP16.7bn non-gaming capital expenditure, and how will these new verticals impact overall GGR\/NGR contribution?"},{"label":"Regulatory Compliance Impact","query":"How does this significant non-gaming investment specifically address the Macau SAR government's diversification mandates, and what are the implications for future concession renewals or regulatory assessments?"}],"footnotes":""},"categories":[157,16338],"tags":[1618],"class_list":["post-777008810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-mgm-china"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008810","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777008810"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008810\/revisions"}],"predecessor-version":[{"id":777008813,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008810\/revisions\/777008813"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17968"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777008810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777008810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777008810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}