THE M3: MGM CHINA

The Macau Metro Monitor, June 6, 2011

 

 

MGM CHINA SAYS NO NEED FOR REFINANCING, EYES COTAI BY 2015 Reuters, WSJ

MGM China CEO Grant Bowie sees no need to issue new equity after its HK IPO.  Bowie said construction on MGM China's Cotai property would likely start next year, taking 27-36 months to complete.  Acknowledging Wynn Macau's good execution of targeting high-end customers to spend more per table and slot machine, Bowie said MGM China can maximize revenue by doing the same.   Bowie added, "I would like our mix to be 50/50 (VIP/Premium mass). I think this is on the two-five year horizon." 

 

Bowie also said MGM China will be seeking other opportunities, whether on the peninsula or potentially in Taiwan if that opportunity were to materialize.  Meanwhile, Pansy Ho has said she expects the Macau government to grant Cotai land rights to MGM China, Wynn Macau and SJM within the year.