MGM China stocks plummet after casino delay
Last Thursday MGM China announced a delay on its new Macau resort, and saw its stock fall by up to 8 per cent.
Macau.- MGM China has delayed the opening of its latest casino resort, a €2.8 billion project. The announcement, made on Thursday, cause a major blow to the company’s stock, as stocks dropped up to 8 per cent due to the delay.
The casino opening was due on Monday but was instead delayed, with the company calling for a public opening to be held “within the month of February.” In an MGM filing to the Hong Kong stock exchange, the company says it is awaiting approval for licenses to open the casino and hotel complex.
Despite the delay MGM is preparing the new property and has announced the installation of new games for the upcoming venue. The opening date of MGM Cotai has been set as February 13 and in the meantime the city’s government has approved the incorporation of 100 new-to-market live-dealer gaming tables.
The latest approval was announced yesterday by Macau’s Secretary for Economy and Finance, Lionel Leong Vai Tac, who also added that MGM will be granted 25 new-to-market tables on January 1, 2019. Furthermore, it is expected that the casino will have over 900 slot machines in operation.
