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ASIA: MGM new venue coming soon; Sheldon bites back; NagaCorp profits rise

TAGs: Cambodia, MGM China, mgm resorts international, NagaCorp, prostitution, sheldon adelson

asia continentMGM China could have a new venue up by 2015 if Macau’s government approves their land-grant application. Jim Murren told Reuters that he expects the new venue to break ground “this year” and it would mean a late 2015 opening. He added: “The infrastructure that is being employed in Macau is epic from a global perspective. No one predicted Macau to grow as quickly as it has and no can predict (what will happen) going forward. But logic would say that given the vast amount of wealth and the huge population in China and the fact that there are a limited number of operators there, it’s unique for investment.”

Murren’s comments were made after MGM Resorts International released their latest quarterly update, which showed just how much the group relies on their Far East unit. It goes to explain why Murren is still so bullish on Macau and illustrates that although the market is slowing slightly there’s still a great deal of optimism.

Sheldon Adelson has filed a US$60 million defamation suit in the ongoing argument over whether he okayed prostitution at Sands China casinos. The Las Vegas Sands (LVS) head honcho is suing the National Jewish Democratic Council after they, and the Democratic Congressional Campaign Committee, backed the claims made by former Sands China CEO Steven Jacobs. The latter of the two groups has already withdrawn its claim but it wasn’t enough to dissuade Macau from launching its own investigation into the prostitution allegations.

Cambodian casino operator NagaCorp saw profits rise 14 percent for the first half of 2012. The company that is licensed to operate the capital city Phnom Penh’s only casino saw profit hit US$52.4 million with revenue up 18 percent to US$132 million. The news comes ahead of the company opening a Vietnamese themed area at NagaWorld in October as well as three new luxury retail areas next month.

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