Grant Bowie, the Chief Executive of MGM China Holdings Ltd, says the company’s plan for a new property on Cotai has been completed.
The scheme by the Hong Kong-listed company is designed to complement its existing property – MGM Macau – on Macau peninsula, though Mr Bowie did not give details.
He did add however in comments to the Chinese-language news service of the local television broadcaster TDM that “new elements” would ensure the scheme qualified as an integrated resort hotel.
MGM China Holdings strengthened its balance sheet in May when it raised US$1.5 billion by floating on the Hong Kong Stock Exchange. A significant part of the cash raised however was used to buy out a portion of Pansy Ho’s interest in the 50:50 joint venture that originally built MGM Macau, which first opened in December 2007.
It is not yet guaranteed that MGM China will get the land it seeks on Cotai, but Mr Bowie said the company would “respect the government’s decision”.
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