Inside Asian Gaming

inside asian gaming November 2017 8 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. MGM Cotai to open on 29 January 2018 after Typhoon Hato delays Former Legislative Assembly member and head of the Golden Dragon group Chan Meng Kam has been revealed as the buyer of Hotel Lan Kwai Fong. Current owner China Star Entertainment Limited announced that it has entered into a conditional purchase and sale agreement with Mr Chan that will see him acquire all sale shares and shareholder loans of China Star subsidiaries Charming Era, Exceptional Gain and Most Famous – owners of Hotel Lan Kwai Fong, Casino Lan Kwai Fong and 18 residential units in Macau being used as staff quarters – for HK$2 billion. The deal will also see Mr Chan acquire Charm Faith, Classic Management, Best Joyful, Noble Million and Merit Noble, a group of companies held by China Star’s subsidiaries. Classic Management operates Casino Lan Kwai Fong via a service and site license agreement with license holder SJM. News of Mr Chan’s intention to buy comes three-and-a-half months after Paradise Entertainment entered into its own agreement with China Star to acquire its subsidiaries for a price of HK$2.38 billion. An exclusivity agreement regarding negotiations expired on 30 September 2017 after the two parties failed to agree to final terms. The agreement with Mr Chan represents a HK$380 million reduction in price on that originally agreed with Paradise Entertainment. Mr Chan’s Golden Dragon group already operates Royal Dragon Casino, Golden Dragon Casino and Casino Taipa Square. Casino Lan Kwai Fong currently boasts 84 gaming tables and 65 slot machines over three floors while the hotel includes 209 guest rooms, a flower shop, retail shop and spa center. Former Macau Legislative Assembly member named as Hotel Lan Kwai Fong buyer