Positive outlook on U.S. operations too
Analysts at Fitch Ratings have great expectations for MGM Cotai, MGM Resorts’ lavish $3.3 billion resort on Macau’s Cotai Strip. They forecast that MGM Cotai, which is set to open in the fourth quarter of this year, will generate $220 million in 2018.
The new property with its jewel-box design will include 1,400 hotel rooms, a luxury spa, high-end retail shops and 500,000 square feet of gaming space, reported Casino.org.
In a note, Fitch said MGM Cotai should produce $220 million in EBITDA in its first full year, for total EBITDA of $700 million for MGM China Holdings.
“Fitch has a positive view on MGM’s development pipeline, which consists of MGM National Harbor, MGM Cotai, and MGM Springfield,” analysts explained in their note. “Once complete MGM will have two assets in Macau and three assets along the U.S. East Coast. Fitch generally expects good return on investment for the three development projects.”
MGM China CEO Grant Bowie said the new resort will “drive greater product diversification and bring more advanced and innovative forms of entertainment to Macau,” including Asia’s “first dynamic theater,” which Bowie says will “wow every guest who steps foot in the resort.” The resort will include the iconic MGM lion, a statue made entirely of 24K gold.
