MGM has Cotai money; Sands recruitment drive; Macau Poker Cup concludes
MGM China is confident it can finance its Cotai project with money earned from Macau. Hubert Wang, company VP and chief financial officer, commented: “We can finance the Cotai project with cash flow from this facility [MGM Macau] and credit facility from banking institutions.”
Analysts in Macau are continuing to dumb down their estimates on MGM, as growth has been a number of percentage points below the Macau average. A successful Cotai operation would remedy this and it’s something that now looks a near certainty with Grant Bowie, CEO, adding: “We’re well advanced. So far we’ve had three successful submissions on the project for Cotai,” adding that they’re “almost in a position to submit the final drawing.”
Sands China is embarking on a second recruitment drive in as many years to fuel their new Cotai venue. A fair took place to try and get 500 local workers on board so the Sands Cotai Central project will open unfettered in April. CEO Edward Tracy opened the event and told those attending: “As we offer the Cotai Strip even more of our legendary service, we look to you, the talented pool of Macau locals, to help support and strengthen our newest development with your skills, intelligence and work ethic.”
5,000 staff were hired at a similar fair in 2011 and 1,000 of them have now been promoted to higher positions.
PokerStars’ Macau Poker Cup has concluded with a new champion taking down the record-breaking field. Nicky Tao Jin started the final day with the second lowest stack of the 18 remaining and probably thought he would have been home for dinner. The day’s play was exciting with lead changes aplenty among the international field at the Grand Lisboa. Joining Tao Jin in the final two was Indian Abhishek Goindi who, after agreeing a deal with his competitor, was eliminated after just three hands of heads-up. Tao Jin walked away with HK$1,092,500 and a $100k ACOP entry. Goindi now has an extra HK$1,056,600 too.