Quick Take: MGM China to Launch Second Resort in Macau
MGM China said its second casino-resort in Macau will open for business early next year, the latest sign that the island’s gambling and tourism industries are recovering.
The $3.4 billion, near 1,440-room resort, MGM Cotai, is slated to open on Jan. 29, Chief Financial Officer Wang Zhiqi said Monday. The opening was postponed from the end of this year after a typhoon in August swept through the island, Wang said.
The island’s casino industry has started to show signs of recovery from hits taken from China’s anti-corruption campaign and Macau’s sluggish economic growth.
“Today’s Macau is not what it used to be,” said Wang, referring to the local government’s efforts to diversify the city’s economy. He said nearly 90% of the MGM Cotai’s construction costs had nothing to do with the gambling business.
During the first half of 2017, MGM China reported HK$7.39 billion ($9.47 billion) in revenue, up 3.34% from the same period a year ago, according to the company’s earnings report. The group generated HK$1.27 billion in net profit, down 2.33% from the first six months of 2016. MGM China’s share of Macau’s casino market slipped 1.1 percentage points year-on-year to 7.2% in the first half of this year.
Contact reporter Dong Tongjian (firstname.lastname@example.org)
Apr 03 18:41
Apr 03 16:11
Apr 03 13:37
Apr 03 10:13
Apr 02 18:19
Apr 02 15:27
Apr 02 14:02
Apr 02 13:46
Apr 02 09:22
Apr 01 16:00
Apr 01 15:51
Apr 01 13:31
Apr 01 10:40
Apr 01 03:10
Apr 01 03:06
- 1In Virus-Ravaged Wuhan, Hours-Long Queues to Collect the Ashes of the Dead
- 2China for First Time Reveals Its Number of Asymptomatic Coronavirus Cases
- 3Wuhan Will Suffer Long After Virus is Gone, ‘Battlefield’ Diarist Says
- 4Zhejiang Covid-19 Infection Highlights Threat from Asymptomatic Carriers
- 5In Depth: How a Rugged Covid-19 Recovery Risks More Than 100 Million Jobs
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas