MGM Resorts International and its 51%-owned subsidiary MGM China Holdings Ltd. are no longer telling investors they expect to open the Macau casino resort MGM Cotai (a rendering photo of the artist) in “early 2016.
Instead, MGM China’s first-half results, filed on the Hong Kong Stock Exchange on Tuesday, simply say the local unit “remains on track to open in 2016.”
MGM China said in its 2013 results filed in February that “…explicitly stated that it was on track to open in early 2016.”
However, the company confirmed on Tuesday that MGM Cotai’s capital cost, excluding land costs and capital interest, was stable at $2.9 billion. MGM China reported a roughly $387 million increase in its 2013 full-year results, which it submitted in February, compared with its previous estimates.
Senior executives from both companies were asked about the opening dates with investment analysts during MGM Resorts’ second-quarter earnings conference call on Tuesday.
Jim Murren, Chairman and Chief Executive Officer of MGM Resorts, said, “…The problem with timing and clarity – and we all face this – is that the licensing process is too uncertain about future permits. Macau has so many towers and so many cranes, so many projects in progress that no one seems able to say exactly when to open them. They may say that, but they really don’t. After spending a few weeks there, they just don’t know, so I can tell you.”
Sands China Ltd, one of MGM China’s Macau market rivals, said on a second-quarter earnings conference call that construction of $2.7 billion in Paris Macau had been suspended pending “specific approval from the Macau government.”
GGRAsia has repeatedly asked the Land, Public Works and Transport Authority of Macau, the government agency that oversees and grants such large-scale infrastructure projects, about the reasons for Paris’s suspension, but has so far received no response.
Sands China said there were no changes to its original schedule despite the postponement. The property is scheduled to open by the end of 2015, the company confirmed in a regulatory filing.
MGM Resorts’ Mr Murren said on Tuesday that MGM China has received “significant” permission for its work and has a capable principal contractor of China State Construction Engineering Ltd.
BY: 카지노사이트 모음