MGM Resorts to expand presence in Macau

LAS VEGAS MGM Resorts International plans to build multiple properties in Macau, CEO Jim Murren says.

Following on the release of second quarter results that showed mostly steady occupancy and rate, MGM Resorts CEO tells Bloomberg TV that his company is eyeing the world’s biggest gaming market for its next wave of expansion. “We are starting to assert ourselves” in Macau, Murren says. “We will have more properties in Asia over time.”

MGM saw a marked turnaround in demand in June in Las Vegas, Murren says, with signs of a larger recovery abundant.

On Monday, MGM announced that it had restructured US$950 million in loans to its MGM Macau resort, which some gaming analysts believe was necessary before MGM Resorts and joint-venture partner Pansy Ho could move ahead with its planned listing on the Hong Kong Stock Exchange.