MGM profits to double with Cotai casino
The government finally made official the Cotai land grant to MGM China this week. The plot covers an area of 71,833 sqm. The gaming operator, currently with only one casino in Macau, will develop a us$ 2.5 billion casino resort there.
MGM China says the property will have approximately 500 live gaming tables and 2,500 slots, subject to government approval, as well as 1,600 hotel rooms. Around 85 percent of the gross floor area of the project will be allocated for non-gaming activities. The casino resort is expected to open in 2016. To break ground, MGM China still needs to get the construction approvals from the government.
Talking to Business Daily, MGM China CEO Grant Bowie said the company hopes to make an announcement on the construction timetable “within the next six to eight weeks”.
Bowie said the company was currently liaising with the Lands, Public Works and Transport Bureau to organise the necessary permissions to start construction. “Once we get our building approvals, the next phase will be to make a full announcement on the whole development and the branding of the project,” he pointed.
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