Parisian Macao, MGM Cotai to open next year
SJM Holdings Ltd., the preeminent casino operator in Macau, says its Lisboa Palace project on the Cotai Strip will open in the fourth quarter of 2017.
The resort, which broke ground in February 2013, has an estimated cost of HKD30 billion (US $3.9 billion), the company said last summer.
According to GGRAsia, the lavish property will be truly palatial, with three hotels including a Karl Lagerfeld Hotel and a Palazzo Versace Macau with a combined 2,000 rooms. The casino will have about 700 gaming tables and 1,000 slot machines “subject to the obtaining of applicable licenses,” the company said in its filings.
Some of SJM’s rivals in the market, which has seen eight straight months of declines in gaming revenue, have said their projects in progress on the Cotai Strip may be delayed. That includes Wynn Resorts, which says its US $4 billion Wynn Palace is unlikely to open before Chinese New Year 2016.
And Parisian Macao, developed by Sands China Ltd., will not be open until 2016. The US $2.7 billion property was supposed to have a soft opening in late 2015.
MGM China Holdings Ltd.’s US $2.9 billion MGM Cotai, originally set for an early 2016 opening, is now expected to open in the fall of 2016, said Chairman and CEO Jim Murren last October.
