The MGM Cotai construction site pictured in February 2016
MGM China confirmed yesterday that its Cotai resort will open in the second quarter of 2017.
The resort’s budget remains approximately HKD24 billion.
“We believe it [MGM Cotai] will be well received by the market and we are confident to capture the growth opportunities of Macau,” stated Grant Bowie, chief executive officer and executive director of MGM China.
The gaming operator also announced its unaudited results for the third quarter. The company recorded total revenue of HKD3.9 billion, an increase of 11 percent from the second quarter of 2016. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was up 24 percent from Q2 to HKD1.3 billion.
During Q3, the main floor table games win increased by 13 percent from the previous quarter, compared to Macau’s mass-market growth of approximately 8 percent. Hotel rooms achieved an occupancy rate of 95.7 percent. VIP table games win increased 3 percent from the second quarter of 2016.
MGM China said the main floor at MGM Macau is undergoing remodeling so that the resort can “pursue diversification including creating additional retail space and upgrading our food and beverage experiences.”
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