Macau casino resort MGM Kotai (pictured) will open a new luxury suite “later this month” aimed at premium bulk gambling customers, said Bill Hornbuckle, president of MGM Resorts International, the property’s parent company.

Mr. Hornbuckle spoke on Wednesday during the second quarter earnings call of the U.S. parent of Macau operator MGM China Holdings Ltd.

“We have completed the construction and fitting of MGM Cotai’s South Tower suite, and we are pleased with the final product, which we believe will be well received by our premium mass customers,” said Hornbuckle, president and CEO of MGM Resorts.

“We are currently in a soft open to achieve a final adjustment to our products and a level of service that meets high-quality standards,” he added. “We expect to officially open at the end of the month.”

The parent’s CEO added that the Macau unit had completed a refresh of the casino gaming area at MGM Kotai, and was “now looking to remodel” the villa at the property.

A press release from MGM China, along with its second-quarter results, said the new South Tower accommodation comprises 28 suites ranging from 128 square meters to 371 square meters.

Hubert Wang, president and chief operating officer of MGM China, said in a statement, “We believe that our investment in premium products provides us with a good position for a wider recovery. At the same time, we will continue our efforts and strategies to diversify and enable Macau to develop into a global tourist destination.”

In his earnings call, Mr Hornbuckle indirectly referred to recent local COVID-19 cases in which the Macau government introduced bulk testing of Macau’s population and created stricter testing rules for cross-border travel from Macau to mainland China.

“There have been additional speed battles in recent days,” he said in the Macau market, but MGM Resorts expected “gradual growth demand for Macau travel” thanks to the local government’s “quick outbreak containment efforts.”

In another comment, Hon. Buckle outlined that MGM Resorts expects an initial capital commitment to its Japanese casino resort in Osaka to reach up to $2.5 billion over the first three years, with a total planned size of about $10 billion. MGM Resorts, along with Orix in Japan, is the only eligible bidder in the process to develop a casino resort in Osaka.

He reiterated that the two major partners will cover the cost at 40:40, with the other 20% likely to be covered by other Japanese partners. Hornbuckle added that the cost of capital will be based on 55% debt, with the local government requiring at least 30% of investment through equity capital.

In an offer request released last month, MGM Resorts and Orix said the Osaka gaming resort would not open before 2028 and would not open until 2030.

BY: 안전놀이터

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