MGM China chief executive officer Grant Bowie says the gaming market in Macau is stabilizing, driven by the growth of the mass segment, local media reports.
The comment was made during the presentation of MGM Resorts International’s latest quarterly results. “We are seeing some stabilisation in the market led by the mass segment. GGR has shown improvement for two consecutive quarters,” Bowie explained.
The CEO also explained the reason for the postponement of MGM’s Cotai resort to next year. “Our decision is based on current market conditions. This extra time is also important as it will allow us to further fine-tune the offerings in what is a very rapidly evolving marketplace. We want to ensure we are able to capture all efficiencies that are possible, while at the same time presenting a spectacular product,” said Bowie. The chief executive officer also affirmed that the budget for the project will not increase in spite of the delay.
Later, Bowie told reporters that delaying the opening of the casino resort was “a good decision” for both the gaming market and the company. “This decision is a good decision for Macau and it is a very good decision for MGM, because we all understand that market confidence is very important and that we need to be successful,” said Bowie as quoted by Macau-based TDM.
It was also announced that MGM China will recommend a final dividend of US$46 million subject to shareholders’ approval at the Annual General Meeting.