China – Mid 2016 opening for MGM’s Cotai projectBy Phil - 17 June 2013
MGM China has confirmed its US$2.6bn Cotai project is on schedule to open in mid-2016.
Chief Executive Grant Bowie said the foundations would be finished by the end of 2013 with building work on the infrastructure set to start in 2014.
The Cotai Project will have 1,600 hotel rooms, 2,500 slot machines, and up to 500 gaming tables with a budget of approximately HK$20bn, excluding land cost and capitalised interest.
MGM stated: “The Directors expect the infrastructure projects undertaken in and around Macau and the increasing supply of non-gaming amenities in Macau will continue to benefit our gaming operations.
Following the publication of our Cotai Land Concession Contract in the Macau government official gazette in January this year, we broke ground for the Cotai Project in February and the pace of work continues to increase. Construction activities commenced on the Cotai Site in the third quarter of 2012 for site preparatory work and to lay foundations. It is estimated that the laying of foundations will be completed by the end of 2013.”
MGM China total operating revenue reached HK$21,773.6m, representing an increase of 7.3 per cent over 2011. During the four months period ended April 30, 2013, the Group’s total operating revenue reached HK$7,673.6m, representing an increase of 6.3 per cent year on year resulted from steady contribution from main floor and slot machine gaming operations during the period.
In addition, the Cotai Project will feature over 85 per cent gross floor area of non-gaming offerings, including restaurant, retail and entertainment attractions and remain on schedule to open during the first half of 2016. The Group is also looking at other opportunities to include additional non-gaming offerings at the Cotai Site.
The Directors believe in the long-term growth prospect of the Macau market, the group will be an active participant contributing to as well as benefitting from the Macau market growth.