Developments in Macau have seen the Chinese branch of MGM shares rise due to the new land deal for a casino in that area that the company has managed to secure. To be located on the Cotai Strip, this latest development is certainly good news for MGM, who are looking to capitalise on the popularity of Macau and the way that it is becoming the gambling capital of the world, a real hotspot for entertainment of all kinds. This follows the announcement earlier this year that Wynn Resorts will also be building another property on the Cotai Strip, to match their Wynn Macau resort which is already open to the public.
You can expect this MGM Macau casino to be a big one, with an estimated one thousand, six hundred rooms in the hotel and five hundred gaming tables. You can normally expect to see at least twice as many slot machine games as table games, so this will certainly be an interesting space to rival the kind of gaming floors that are found in Las Vegas. Of course, the point of this Cotai Strip idea is to recreate the Las Vegas Strip in a bigger and better way, a project that Sheldon Adelson has embarked upon in earnest with his new Las Vegas Sands Corp properties in the area.
It is estimated that the firm made an initial payment of $56 million to the government in Macau for the land on which they are going to build their newest gaming venue, which could be their best yet. This announcement has seen their share prices rise by five per cent in Hong Kong, with a statement to the Hong Kong Stock Exchange as follows: “The board believes that our future development of the Cotai land will offer compelling growth opportunities in the future.” It is clear that the traders and businessmen in China agree with this conclusion, and it is not hard to predict big things as Macau is still the world’s biggest gambling market – and revenue there is still rising month by month.