Casino developer MGM China Holdings spent nearly as much during the third quarter on refurbishing its existing MGM Macau property on the peninsula as it did on pilings and site work for its new US$2.6bn MGM Cotai venue.
“Reinvention and improvement in product and service quality have been the catalyst to maintain the attractiveness in this very competitive market,” said MGM China’s chief executive Grant Bowie, referring to the peninsula property that opened in December 2007 at a cost of around US$1.25bn.
His comments came during parent firm MGM Resorts International’s quarterly earnings call. The Nevada-based corporation is 51 per cent owner of MGM China.
Dan D'Arrigo, chief financial officer of MGM Resorts, added that during the three months to September 30, MGM China spent approximately US$27m at MGM Macau and about US$31m on MGM Cotai’s development.
