{"id":71056,"date":"2018-02-24T15:00:18","date_gmt":"2018-02-24T23:00:18","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=71056"},"modified":"2018-02-24T09:39:12","modified_gmt":"2018-02-24T17:39:12","slug":"mgm-china-q4-ggr-up-year-on-year-2018-promises-high-returns","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mgm-china-q4-ggr-up-year-on-year-2018-promises-high-returns\/","title":{"rendered":"MGM China Q4 GGR Up Year-on-Year, as Newly Opened MGM Cotai Promises Greater Profits for 2018"},"content":{"rendered":"

MGM China, the Asian arm of the mega-conglomerate that dominates the global gaming industry, saw a strong Q4 wrap-up to 2017, and the year ahead looks even better, with the opening of the new MGM Cotai<\/a> just in time for the recent Chinese New Year festivities.<\/p>\n

\"MGM
The unusual design of the newly opened MGM Cotai is a reality at last, as the property opened, on a limited basis, just in time for the start of the Year of the Dog. (Image: MGM Resorts)<\/figcaption><\/figure>\n

GGR for MGM China surged to HKD$4.28 billion (US$547.4 million) for the fourth quarter, the company announced this week, a year-over-year increase of 10.5 percent. Earnings for the full 2017 calendar year were also up about 3 percent to HDK$15.36 billion (US $1.96 billion). That was enough for MGM China to offer shareholders a dividend of HKD$0.097 per share.<\/p>\n

None of those numbers include the company\u2019s highly anticipated second holding, the MGM Cotai, which opened its doors in a limited capacity this month.<\/p>\n

Spend Money to Make Money<\/h2>\n

Despite the bright Q4, net profits for MGM were down in 2017 overall compared to 2016 by 23 percent, narrowly missing analysts\u2019 expectations of 24 percent. However, it\u2019s all in the name of future income, as the company attributes the loss in profit to the \u201cacceleration of pre-opening costs\u201d for their newest Cotai Strip casino.<\/p>\n

\n

Sands China, Wynn Macau<\/a>, and the Galaxy Macau are already open on the crowded Cotai strip, but it\u2019s the first foray into the space for MGM. Large crowds swarmed the new property for the start of the Year of the Dog, placing the first bets and breaking in hotel rooms, when the doors finally opened after several delays on February 13th.<\/p>\n<\/div>\n

MGM Cotai is currently only operating on a limited basis, and while the hope is that a full room inventory will be available by spring 2018, MGM China CEO Grant Bowie has not been specific on when exactly expansion plans might ramp up.<\/p>\n

\u201cEvery time a new property opens, it normally \u2013 you hope \u2013 would create an upward inflection in the visitation. But the reality we\u2019ve also seen is that these properties took a little bit longer to ramp up than the previous,\u201c Bowie told GGRAsia <\/em>recently.<\/em><\/strong><\/p>\n

The new casino\u2019s expansion plans could be hampered by China\u2019s ongoing table cap policy, a protocol which wasn\u2019t in place for competing casinos when they opened their doors on the Cotai strip earlier in the decade.<\/p>\n

Housing Employees<\/h2>\n

With Macau\u2019s casino industry booming, the cost of living continues to grow. The MGM China currently employs about 6,000 people, a figure that is likely to double with the opening of their new casino. Demand for rental leases will increase to accommodate all the new staff, 75 percent of whom are expected to be expatriates from places like Las Vegas and Hong Kong.<\/p>\n

\u201cIn the short term, probably the rent will rise by about five percent next year, because of the new hotel opening,\u201d Thomas Lam of global real estate consultancy firm Knight Frank in Hong Kong told the\u00a0South China Morning Post.<\/em><\/p>\n

Lam points out that 1,500 new leasing units expected to open in the area in 2019 could offset that pricing pressure down the line.<\/p>\n","protected":false},"excerpt":{"rendered":"

MGM China, the Asian arm of the mega-conglomerate that dominates the global gaming industry, saw a strong Q4 wrap-up to 2017, and the year ahead looks even better, with the opening of the new MGM Cotai just in time for the recent Chinese New Year festivities. GGR for MGM China surged to HKD$4.28 billion (US$547.4 […]<\/p>\n","protected":false},"author":42,"featured_media":71173,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\nMGM China Q4 GGR Up Year-on-Year, 2018 Promises High Returns<\/title>\n<meta name=\"description\" content=\"MGM China GGR increases in the 4th quarter year-over-year, as the gaming operator opens the doors on its newest mega-project, the MGM Cotai.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM China Q4 GGR Up Year-on-Year, 2018 Promises High Returns\" \/>\n<meta property=\"og:description\" content=\"MGM China GGR increases in the 4th quarter year-over-year, as the gaming operator opens the doors on its newest 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