MGM Grand Macau posts better results

MGM Grand Macau earned operating income of US$40 million (MOP320 million) in the second quarter of 2010, including depreciation expenses of US$21 million, MGM Resorts International announced. The results show a significant improvement compared to an operating loss of US$8 million in the second quarter of 2009, which included depreciation expenses of US$22 million. MGM Grand Macau is a joint venture between MGM Resorts International and businesswoman Pansy Ho Chiu King. Overall, MGM Resorts International posted a second-quarter loss of US$883.5 million, compared with a loss of US$212.6 million last year. Meanwhile, MGM Resorts International chief executive officer Jim Murren said MGM Grand is looking to expand its operations in Macau. “We certainly have aspirations to have more than one casino in Macau and we also expect to be able to grow the existing resort that we have. “And I think that as we are able to succeed on those two fronts, and we expect that we will – we cannot speak for the government nor would we try – that would be a determinant factor of when we would decide to go public in Macau,” Mr Murren stressed.