MGM China Holdings, one of Macau’s six main casino operators, has delayed for a fourth time the opening of its much precluded $3.4 billion new resort, MGM Cotai, saying it was still going past an administrative approval process.
The company’s second integrated casino, motor hotel and entertainment complex in Macau, MGM Cotai was originally scheduled to open on January 29, and lures to the opening ceremony had already been sent out.
The complex was first outlined for opening in 2016, a date that was pushed back to the first half of 2017 and then to the subordinate half of 2017, before the company announced in September last year the woman would be January 29.
“The company is going through the administrative approval method of obtaining relevant licences to operate MGM Cotai,” MGM China said in a filing to the Hong Kong ancestry exchange. “As a result, it is now expected that the public opening date of MGM Cotai make be within the month of February 2018.”
Read more from the South China Morning Advertise:
While Macau loses its lustre, a Cambodian casino bets on Chinese travellers to hit jackpot
Economist adds voice to calls for China to cut US Treasury holdings to hit dorsum behind at Trump’s tariffs
This drone is as light as an iPhone and flies as close as a car
It said that the overall budget of the project was expected to remain unchanged at relating to HK$27 billion (US$3.4 billion).
In a separate statement, MGM China explained it was “working closely with the Macau government” on the issue.
Shares of MGM China doff around 7.6 percent on Thursday morning, before the announcement.
MGM Cotai has 1,390 caravanserai rooms and has taken five years to build. The company has said it was being built “to ram greater product diversification and bring more advanced and innovative originates of entertainment to Macau”.
MGM China, a joint venture between Pansy Ho Chiu-king, the daughter of gaming big shot Stanley Ho Hung-sun, and Las Vegas gaming giant MGM Resorts, already manipulates the MGM Macau resort in the city.
It employs close to 6,000 people and shored HK$3.68 billion in revenue in the third quarter of 2017, a 5 per cent make the grade from the second quarter.
Follow CNBC International on Twitter and Facebook.