MGM China is opening its new multi-billion-dollar mega resort in Macau’s glitzy Cotai strip on Tuesday following multiple delays and last minute hiccups in the government approval process.
MACAU: MGM China is opening its new multi-billion-dollar mega resort in Macau’s glitzy Cotai strip on Tuesday following multiple delays and last-minute hiccups in the government approval process.
The launch of the US$3.4-billion resort comes as Macau is undergoing something of a renaissance, with gaming revenues bouncing back after being hard hit by a corruption crackdown launched by China’s President Xi Jinping in 2012.
The mega project’s launch faced repeated delays, including in August when Typhoon Hato ripped a path of destruction across southern China, leaving 10 dead in Macau and businesses and homes washed out in the territory’s worst typhoon for over 50 years.
MGM China postponed its opening again in January, saying the company was “undergoing the administrative approval process of obtaining relevant licences”.
Macau, a semi-autonomous territory, is the only place in China where gambling is legal, bringing in revenue that easily dwarves Las Vegas.
Macau’s revenues took a hit after Xi declared his war on graft with many mainland big spenders staying away from the enclave, which had gained a reputation as a centre for laundering money out of China.
In response to the crackdown, casino giants launched a slew of new mega resorts, offering everything from fine dining to theme parks as they looked to attract more mass-market gamblers to compensate for the fall in high rollers.
