For the fourth time, the opening of MGM Cotai has been delayed. The reason this time is the damage inflicted by 100+ mile per hour winds from Typhoon Hato that tore down much of the remaining scaffolding surrounding the building. Hato was the strongest storm to him Macau in 53 years.
In an announcement to the Hong Kong stock exchange, the company said: “MGM Cotai was damaged by this unforeseen event. The company has since evaluated the situation and developed a revised schedule for completing repair works and processing governmental inspections necessary for obtaining relevant licences to operate MGM Cotai.”
As a result the budget for the property has increased to $3.46 billion, almost 4 percent higher than last estimated. MGM says it expects that insurance will cover most of the increased costs.
Sources tell GGB News that some of the debris from the MGM scaffolding damaged the nearby Wynn Palace, across the street.
The opening of MGM Cotai is now set for January 29, 2018. This date keeps the MGM opening just before the lucrative Chinese New Year celebration.
