MGM Resorts decided to push back the opening of its new MGM Cotai resort until the second quarter of 2017.
Macau.- MGM Resorts has decided to push back again the opening of its new MGM Cotai resort until the second quarter of 2017.
MGM Resorts was already expecting to postpone the opening when it reported earnings in May. CEO Grant Bowie had hinted to analysts that MGM Cotai would get pushed back. “The last part of this process really resides with the relationship between ourselves and the government, which pushes into we believe end of first quarter, that may trickle over that,” he said.
Earlier this year, MGM said it was delaying the resort’s opening until next year’s first quarter. The latest setback is an indication that conditions in Macau haven’t improved. With revenues still falling and Macau’s gambling regulators adhering strictly to a quota of 3 percent annual table game growth, MGM Resorts may find that the risks of investing in the gambling hub are greater than initially expected.