MGM Grand Cotai on hold

Filed Under Macau, Macao, Cotai, MGM Cotai

Here’s a shocker…another Cotai hotel casino project postponed. Macau is starting to feel like Vegas.

Macau Daily Times:

Now, even Macau is being affected by the global financial crises with MGM Mirage announcing on Friday it too will suspend plans to build a second resort in Macau.

Currently, MGM Grand located in Nape is the company’s only hotel-casino in the SAR, however it had plans to develop another second property also in the Cotai Strip.

MGM Mirage not only has frozen plans to build a second resort in Macau but also to develop a large swath of vacant land at the north end of the Las Vegas Strip.

“What we are experiencing now is unique,” said Alan Feldman, senior vice president for MGM Mirage, referring to consumer confidence levels sinking to historic lows.

Note: Cotai Strip is a trademark of Las Vegas Sands Corp.