International edition
June 19, 2021

A USD 3.4 B new resort

MGM Cotai casino opening postponed again

MGM Cotai casino opening postponed again
MGM Cotai has 1,390 hotel rooms and has taken five years to build.
Macau | 01/25/2018

MGM China Holdings has delayed for a fourth time the opening of its second integrated casino, hotel, and entertainment complex in Macau alleging the necessary administrative approval process is yet to be completed.

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GM China Holdings, one of Macau’s six major casino operators, had announced that the opening ceremony of the USD 3.4 B new resort was scheduled for January 29.

The complex was first scheduled for opening in 2016, a date that was pushed back to the first half of 2017 and then to the second half of 2017, before the company announced in September last year the date would be January 29.

“The company is going through the administrative approval process of obtaining relevant licenses to operate MGM Cotai,” MGM China said in a filing to the Hong Kong stock exchange. “As a result, it is now expected that the public opening date of MGM Cotai will be within the month of February 2018.”

It said that the overall budget of the project was expected to remain unchanged at about HK$27 billion (USD 3.4 B).

In a separate statement, MGM China said it was “working closely with the Macau government” on the issue.

Shares of MGM China shed around 7.6 percent on Thursday morning, before the announcement.

MGM Cotai has 1,390 hotel rooms and has taken five years to build. The company has said it was being built “to drive greater product diversification and bring more advanced and innovative forms of entertainment to Macau”.

MGM China, a joint venture between Pansy Ho Chiu-king, the daughter of gaming tycoon Stanley Ho Hung-sun, and Las Vegas gaming giant MGM Resorts, already operates the MGM Macau resort in the city.

It employs close to 6,000 people and posted HK$3.68 billion in revenue in the third quarter of 2017, a 5 per cent rise from the second quarter.

Yogonet.com / Yahoo news
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