MGM Cotai: working with gov’t on inspections and approvals

MGM’s Cotai property is under development and still set to open this year has ‘continued at a good pace’ during the first half of the year, according to a filing by MGM China Holdings with the Hong Kong Stock Exchange.
The group notes that there’s ‘significant effort now focused on detailed finish, defect rectification and efforts related to completion and handover (including final testing and commissioning of building systems and network),’ as well as furniture and fixture installation.
The fourth quarter opening date is still unchanged, notes the group and adds that they ‘are continuing to work with the Macau Government on the necessary inspections and approvals to accomplish’ this. The property’s total development cost is expected to be HK$26 billion, ‘excluding land costs and capitalized interest’.
In addition, given that competition ‘is not geographically limited to the Macau market’, the group notes that it is ‘refurbishing key gaming areas’ in the group’s peninsula property and ‘introducing new innovative gaming products’.
In addition the group notes that it continues ‘to review our business relationship with each of our gaming promoters and identify potential gaming promoters to grow our VIP business’.
In regards to non-gaming, the group notes that its new property will have ‘almost twice the square footage of MGM Macau’, which will allow the group to ‘capitalize on our international expertise’ in entertainment offerings.
The group’s Cotai land plot takes up 71,833 square metres.