The 4th time MGM Cotai closes its doors
MGM China Holdings is one of the top 6 casino operators in Macau. The second hotel casino in the group called MGM Cotai was most recently due to open on January 29th, 2018. This opening has now been postponed for the fourth successive time, although the invitations to the opening ceremony have already been sent to the guests. This article, offers some details about the turbulent situation involving the $3.4 billion casino.
The first opening was scheduled for 2016
Although the new casino in Macau, the MGM Cotai, has not yet opened its doors, this does not mean that the casino has not had a wild ride so far. The opening ceremony for the casino was originally planned in 2016 and was then postponed until the beginning of 2017. After that, the opening was postponed the second time to the second half of 2017, the company then announced in September that the planned opening date would be shifted for a third time to January 29, 2018. Unfortunately, this target date proved to be impossible to meet as well.
A licensing problem
The reason for moving the opening date of the casino of MGM China Holdings all comes down to the license. This is because company is still in the administrative process of obtaining approval for their operations. The opening of the MGM Cotai is now planned in February of 2018. Not surprisingly, the delays in opening have had an adverse impact on the company's share price as MGM China Holdings have seen them come down about 7.6% after the announcement.
We are curious to see if the casino will manage to meet the latest target or if it will need to be postponed for a fifth time. Only time will tell.