The MGM Cotai is a brand new HKD 26-billion (US $3.32-billion) casino project situated in Macau. According to developers, the premises should be more than capable of adhering to its promoters 4th quarter deadline for opening in spite of the various interruptions brought on by the Typhoon Hato.
Grant Bowie, who serves as CEO for MGM China Holdings, which has a Macau gaming license, stated that the casino was going to move on despite of any hindrances that may have been caused by the typhoon. He also cited that even the Macau government was greatly affected by the storm but regardless, developers felt their program would still hold.
After the typhoon (which was said to be the strongest in Macau’s past in the last 53 years), an extensive cleanup project was conducted around the city. The typhoon also disrupted critical utilities such as transport. In fact, it was only as of September 2nd that tour buses carrying people from mainland China resumed their activities.
Mr. Bowie also reiterated that even though the entire event caused quite the havoc, things appeared to be returning to normal.
During the month of April, Jim Murren, who serves as the chairman of MGM Resorts International, (the parent company of MGM China) conveyed to investment analysts that the MGM Cotai was likely to commence business either on or after the Golden Week.
The Golden Week refers to the festive period starting in October intended to Mark China’s National Day.
GGRAsia asked Mr. Bowie whether their ability to secure the appropriate Macau government approvals regarding different aspects of the construction project and any of its completed sectors played a decisive role in their capability to stick to the firm’s preferred launch date.
He responded by saying that indeed such factors did play a critical role in keeping up with their timeline, but also noted that in large everyone was still trying to get their bearings after the storm.
According to information provided by the city’s weather bureau, typhoon Hato hit Macau with winds speeds of over 200km per hour. It also led to 10 deaths and injured around 240 people.
However, prior to the storm, a certain investment brokerage stated that another brand new Cotai undertaking (the HKD 36-billion Grand-Lisboa Palace, which is sponsored by SJM Holdings) was not likely to adhere to its 2nd half quarter of 2018 deadline in terms of opening.
Such commentary generated by Sanford C. Bernstein was released after the Macau government halted work on the Grand Lisboa Place for 44 days during the summer because of the death of a construction worker around mid-June.
Morpheus (another one of Cotai’s hotel and casino tower project costing US$1billion situated at the City of Dreams Resort in Macau) also had a 13 day suspension after the death of a worker on the 14th of July. The property was under the sponsorship of Melco Resorts and Entertainment.
However, Lawrence Ho Yau Lung, who serves as the chairman of Melco’s resorts, told analysts on 27th July via a call that the schedule for Morpheus’ opening date was not hindered by the stoppages and the group was looking forward to commencing business by the 1st or 2nd quarter of next year.
Melco also made public that they had re-assigned 2000 workers from the Morpheus enterprise to assist the Macau government with recovery projects all over the territory.
- Teacher Gambles over US$30K of School Funds at Casino - September 22, 2017
- Tonight: £135 Million EuroMillions Jackpot – Buy Your Tickets Now - September 22, 2017
- One in Four Brits Would Leave Partner after Winning Jackpot - September 21, 2017