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MGM opens $3.4 billion casino resort in Macau


MGM opens 3.4 billion casino resort in Macau

MGM has opened $3.4 billion casino resort in Macau on Tuesday. Named MGM Cotai, it will triple the number of MGM's hotel rooms in the gaming hub to 1,972 marking a major expansion in non-gaming attractions.

It is MGM's grandest investment in Macau boasting a 2,000 seat theatre and the artwork includes 28 carpets from Qing dynasty and a four-storey atrium garden space featuring digital art. It has increased MGM's overall gaming table count by 29 percent to 552.

The casino revenues have surged as Macau's January numbers surpassed all the expectations with a 36 percent year-on-year jump on demand from big whale gamblers thronging in numbers.

The Chinese new year holiday that starts on Friday is expected to attract many visitors. CEO of MGM, Grant Bowie told in a press conference.

"Based on the reservations that we have got and on the  numbers we are seeing, it is quite important for us to open before."

MGM is among the six licensed operator located in Macau, the only place in the country where gambling is legal.

Along with SJM Holdings, MGM's license would expire in 2020, but license for Sands China, Wynn Macau, Galaxy Entertainment and Melco Resorts would expire in 2022.

Macau's authorities have maintained a silent stance on the issue of license renewal.

Bowie said the opening is crucial for concession renewal process. "Concession renewal would be determined on diversifying Macau into more than just a gaming town."

James Murren, CEO of Las Vegas, Nevada-based MGM Resorts International has called this a leap of faith.