The CEO of MGM China, Grant Bowie, said yesterday that news of a local merger between American gaming operators MGM Resorts International and Wynn Resorts is “mere speculation”. “This report was mere speculation and frankly we don’t comment on speculation. I don’t think it does us any good to continue these discussions”, Mr. Bowie said on the sidelines of a press conference launching the 5th International Lion Dance Championship organised by the gaming operator. Earlier this week, equity research company Sterne Agee released a report on the Macau industry saying that in the first seven days of the current month gaming revenue was down 46 per cent year-on-year. In spite of this, Grant Bowie stressed he is confident about the sector. “We’re all getting used to the fact that every week is different from what we have experienced in the past. We’re all confident and positive that we just need to work through this process. We need to continue our process of diversification and ensure that we strengthen the product and that that product makes Macau appealing”, he explained. Concerning the project being developed for the company in Cotai, Bowie said that everything is going according to plan and that the HK$23 billion project is on schedule to open during 2016, fully committed. “MGM and MGM resorts have made it very clear that we are very excited and honoured to be in the industry in Macau. MGM is very excited to be in Macau and is also looking to grow and develop throughout China”, he said. The company also announced yesterday that it has agreed with its lenders to amend and expand its credit facilities to HK$23.4 billion and extend maturity by 18 months. Still yesterday, MGM China presented the 5th edition of the International Lion Dance Championship, which for the first time will have a leg in Beijing, scheduled for August 30. The Macau leg of the Lion Dance event is slated for November 14 and 15.
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