Opening of MGM Cotai Casino Postponed till Early 2018

MGM Cotai CasinoIn a recent press release, MGM China Holdings, the Asian arm of MGM Resorts Internation informed people that its $3.4 billion MGM Cotai Casino would not be open for public in Q4 of this year. It is because of a series of delays that marred the flow of work. It is likely that the casino will be opened on January 29, 2018.

The opening of the Cotai property was postponed by MGM China earlier this year and the company’s CEO James Murren said that the property would be opened in time for China’s Golden Week that runs from October 1 to 8.

The casino will be open for public use next year before the start of a week-long holiday of Chinese New Year that starts on February 16.

Millions of Chinese people would leave Mainland and visit Macau during the festival period in order to celebrate and enjoy at the casinos.

MGM Macau and Macau Tower

In August this year, Typhoon Hato had completely devastated Macau and it is one of the main reasons for the delay in the inauguration of the casino. It is said that Hato was the worst Typhoon that hit the peninsular region of China in last 53 years. It has caused the untold destruction of property as well as business. The Typhoon also wrecked havoc to the casino industry and MGM Cotai also suffered losses.

A report was submitted by MGM China to Hong Kong Stock Exchange that states damage assessment was carried out on MGM Cotai and a revised schedule was finalized for making the necessary arrangements for repair and obtaining requisite approval from the government so that the necessary licenses can be procured.

The analysts at Deutsche Bank Securities, Danny Valoy, and Carlo Santarelli made the following statement:

While the announcement was somewhat expected, we believe the delay is likely to cause some frustration. Macau stocks tend to rally into openings, thus, the delay pushes the potential MGM China stock rally into calendar 2018.

Cotai district is the home to some of the biggest casino houses in Macau after the opening of Las Vegas Sand’s Corp’s Parisian Macao and Wynn Palace in the month of September and August 2016 of 2016 respectively. These are two multi-billion dollar casino resorts and have helped immensely in arresting Macau’s 26 months of GCR decline. Things began to look much better for the gaming industry since August last year.

Nomura which is a Japanese brokerage firm stated that MGM International has delayed in the inauguration of MGM Cotai in order to make sure that everything is in proper order before launch. It was previously done in the case of MGM National Harbor Casino in Maryland that was opened in December last year and turned out to be immensely successful.

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