MGM China has named 29 January 2018 as the expected opening date of its new Macau integrated resort, MGM Cotai.
In a filing to the Hong Kong Stock Exchange, MGM China confirmed that it had been forced to abandon plans to launch in 4Q17 due to damage caused by Typhoon Hato – the T10 storm that battered Macau on 23 August.
“The company has since evaluated the situation and developed a revised schedule for completing repair works and processing governmental inspections necessary for obtaining relevant licenses to operate MGM Cotai,” it said. “As a result, MGM Cotai will be slightly delayed from our previous expected opening in the fourth quarter of 2017 and is now expected to open on 29 January 2018.”
The delay is also expected to add another HK$1 billion to construction costs, taking MGM Cotai’s overall budget to HK$27 billion. However, the company said that damage caused by Typhoon Hato should mostly be covered by insurance.
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