MGM China Holdings has signed a US$1.35bn contract with the China State Construction Engineering group to act as the main contractor of its Cotai project.
The developer says it is the largest wholly conducted contract in its history. Construction is anticipated to start next January and to be completed by April 2016. The operator’s plan is to build a gaming resort with approximately 500 gaming tables, 2,500 slot machines and 1,600 hotel rooms. Currently, the project has a budget of $ 2.6bn.
The property will be a sister resort to the 600-room MGM Grand Macau.
MGM Resorts restructured its Macau ownership, taking a controlling 51 per cent stake when the company created a publicly traded subsidiary on the Hong Kong Stock Exchange.
The company’s management is confident that MGM Grand Macau could exhibit 2013 growth in line with market-wide growth rates. Analysts expect Macau gaming revenue, which hit a record $38bn in 2012, to increase from 14 to 18 per cent this year.
