Tag Archives: MGM China
China – MGM increases stake in MGM China
MGM Resorts has bought 188,100,000 ordinary shares of its subsidiary MGM China Holdings from Grand Paradise Macau, an entity controlled by Ms. Pansy Ho. As a result of the transaction, the Company owns approximately 56 per cent of MGM China’s outstanding common shares and Ms. Ho owns approximately 22.5 per cent. “Our increased stake in…
China – MGM delays Cotai opening by three months
MGM China is delaying the debut of its new MGM Cotai Casino Resort by three months to mid 2017. MGM added that the investment would also be slightly more than expected. Jim Murren, Chairman and Chief Executive Officer, said: “We have decided to push out the opening date a bit for the MGM Cotai Casino…
China – Government sign off could delay opening of MGM Cotai
MGM China has warned that opening of MGM Cotai could be delayed beyond the target date of the first quarter of 2017. The news came as the group announced its first quarter earnings where it recorded total revenue of HK$3.6bn, representing a decrease of 25 per cent from a year ago, although this narrowed from…
China – MGM to delay Cotai opening as revenues slide by a third
MGM Resorts has confirmed it is delaying the opening of its casino on Macau’s Cotai strip until 2017 with the hope that market conditions will have improved by then. The US$2.6bn MGM Cotai project has already seen its opening delayed from early 2016 until the autumn of 2016. MGM stated: “The company has made the…
China – MGM tops off on second Macau casino
MGM China has celebrated a momentous happening in the company’s history with the topping off of MGM Cotai, the second integrated resort of MGM China in Macau. The Guests of Honour, including senior executives from China State Construction Engineering Corporation Limited, hung fortune ornaments onto the pine tree which is later lifted to the highest…
China – MGM China extends loan by a further $1bn
MGM Resorts International has announced that MGM China Holdings Limited, a 51 per cent-owned subsidiary, has agreed to restate its Hong Kong Dollar denominated senior credit facilities agreement expanding the facility by $1bn and extending the maturity by 18 months. The amended and extended facilities will consist of a US$1.55bn equivalent term loan, an increase…
China – MGM to delay completion of Cotai casino
MGM China is delaying the opening date of its US$2.6bn MGM Cotai from early 2016 until the autumn of 2016. 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. the Cotai Project will feature over…
China – Mid 2016 opening for MGM’s Cotai project
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…
