MGM China May Delay Cotai Casino Opening Past First Quarter
- Operator reports revenue slumped 25 percent last quarter
- Pace of decline slows as Macau industry sales beats estimates
The MGM Macau casino resort stands in Macau, China, on Wednesday, Feb. 6, 2013.
Photographer: Lam Yik Fei/BloombergMGM China Holdings Ltd. reported revenue fell 25 percent in the first quarter and said the planned opening of its new casino in Macau’s Cotai area may be delayed beyond the last target of the end of the first quarter next year.
MGM China revenue dropped to HK$3.6 billion ($464 million), the company said in a statement Thursday. The pace of decline slowed from the previous quarter’s 31 percent year-on-year plunge. MGM said in February it would delay opening the $3 billion gambling complex to the first three months of 2017 from a target of by the end of this year. The operator is “roughly slated” to finish construction at the end of October or early November, Chief Executive Officer Grant Bowie said on a teleconference Thursday.