MENU × BUSINESS
Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
TECHNOLOGY
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
PLATFORM
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleOracleRed Hat
LEADERSHIP
CEO ReviewCompany Review
MAGAZINE
ASIA INDIA
STARTUPS CLIENT SPEAK CONTACT US

The Silicon Review Asia

MGM opens its $3.4 billion worth casino in Macau

MGM opens its $3.4 billion worth casino in Macau

MGM Resorts is all set to open its luxurious multibillion-dollar casino resort, MGM Cotai, in Macau, hailed as the gambling haven, in the latest big bet by foreign gambling companies.

The launching of $3.5 billion resort by the Nevada-based MGM Resorts International is a high-risk bet on the casino market's future in Macau, where gambling licenses expire in as little as two years.

James Murren, CEO of MGM Resorts, told the company is taking a huge step with a lot of risks which he quoted as the “leap of faith” since it is not clear whether the government will extend its license even though officials have revealed little about the process.

The new resort, MGM Cotai, is MGM’s second venture in Macau but first on the Cotai Strip, an Asian version of the Las Vegas Strip which is now the capital for extravagant new casino expansion projects.

The resort is going to open soon, as the busy Lunar New Year holiday is coming forward when mainland Chinese tourists storm the place with rooms booked typically at high rates.

Cotai’s attractions include an art collection worth $13 million including 28 Qing Dynasty carpets, luxury shops, celebrity chefs and theatre shows.

Macau is the largest gambling market in the world and is the only place in China where casinos are legal. But uncertainty creeps into the gambling business as licenses for the city's six casino operators are due to start expiring in 2020, with MGM's among the first.

The government has not released any information about the license renewal process, the first since a monopoly ended in 2002, and gave way for foreign operators including Las Vegas Sands and Wynn Resorts.

YOU MAY ALSO LIKE

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...

Business Travelers to Stay at Singapore’s Changi Airport Bubble

Singapore’s open economy depends heavily on tourism and business. But its vibrant but small economy has been hurting as the circumstances due to...

Countries in Asia-Pacific are marching towards ‘green recovery’ amidst Covid-19 crisis

2020 has been an unforgettable year for many of us. The ongoing Covid crisis has reminded people that it is very important to have an uninterrupted an...

Department of Telecommunication to announce the new schedule for 5G trials

Department of Telecommunications (DoT) is all set to announce the new schedule for 5G trials. The Dot made this decision after being pulled by the par...

RECOMMENDED