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Land-BasedCasinoIndustry

MGM Cotai delays opening following Typhoon Hato

MGM

cotaidelay
China Holdings has announced that it has been forced to postpone the opening of its flagship casino resort, the MGM Cotai, as a result of typhoon Hato which caused vast amounts of damage to Macau and its casinos.

Tropical storm Hato hit Macau on August 23rd and caused huge amounts of disruption to the island. Various operators reported power outages and damage to their gambling floors.

In an announcement given to the Hong Kong Stock Exchange a MGM China said: “MGM Cotai was… damaged by this unforeseen event. The company has since evaluated the situation and developed a revised schedule for completing repair works and processing governmental inspections necessary for obtaining relevant licences to operate MGM Cotai.”

MGM Cotai had been scheduled to open its doors in the fourth quarter of 2017, however the new grand opening has been rolled back to the 29th of January. As a result of the delay in opening the cost of the development has also increased by $3.46 billion, roughly 4%.

The proposed casino resort is set to house 1,400 rooms as well as a theatre, meeting space, spa, retail shops and food and beverage outlets.

The delay means that MGM China will miss out on China's National Day (a public holiday in China) on October 1st and the resultant boost in revenue which it brings with it. The week long festivities attract tourists from mainland China and often results in a sharp increase of visitors to Macau's casinos. However they are still on schedule to be open before the Chinese New Year.


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