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Updated: City of Dreams Topping Off Ceremony Next Week

Update: added some sourcing in response to jcdarosa's comment.

City of Dreams will have its topping off ceremony next week wherein they will announce many of the features of the hotel we've been trickling out the last few weeks. A blurb in the Sydney Morning Herald, confirms what MPEL reps told me few weeks ago: there would be a topping out ceremony in early April.

From the Sydney Morning Herald:

Next week Mr Ho is said to be attending a ceremony celebrating progress on the City of Dreams casino, hotel and apartment complex on Macau's Cotai strip.

City of Dreams will open in March 2009 - less than 12 months from today.

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Comments & Discussion:

Hi Chuck,

Thanks a lot for keeping us updated on the progress of CoD (among other things!). Regarding the topping-off ceremony next week, is that something you know because of your personal contact with MPEL, or is this something they publicly announced (e.g. press release)?

Thanks Chuck! Much appreciated!

Looking deeper into the article, it appears that CoD's construction company has a few details of the CoD project on their website, which I'm not sure if you have seen before or not. Most of it is just a repeat of things we already know, but perhaps there are some details that may be useful:
🔗  Projects&listby=&id=583

yeah, i peeped that already. what i found to be more interesting is the bits about the wynn diamond suite tower construction.

apparently it _will_ be a curved tower after all, not a Luxor style Tower II box. i find it quite hard WR is going to be able to shoehorn a curvy tower into that footprint. It certainly won't be as large as the main tower at Wynn Macau.

Not sure if you know this already, but the topping-out ceremony will be on April 1. Looking into their info on Wynn Diamond Suites, it seems they won't have it done by 2010 (a year after CoD). Do you think Wynn has any plans for Cotai before then?

Wynn said the plans would be announced before Xmas 07 last fall. As of yet they haven't peeped a thing. I think they've got their hands full dealing with the Encore details at this point. Wynn is also not one to plunge forth into projects - a la LVS - they're waiting to see how Cotai pans out first. With the credit market currently what it is, securing financing to build Steve vision for 'the most beautiful resort ever built' could be incredibly expensive. My hunch is that Wynn Cotai getting the green light is heavily dependent on the state of the US economy.

Theres a good chance - given Steve's age and deteriorating eyesight - that this might be one of his final major projects. While time is an issue, he's too smart and experienced to rush into a project that isn't financially viable.

Hey Chuck,
Do you think the info released in the topping-out ceremony is going to boost MPEL's stock price the next day? Do you see this new info as a catalyst for the stock, or do you think it will have no effect?

i have no idea how investors will react. i can only guess that three solid pieces of good news in two days will at the very least calm some investor concerns about CoD, Crown and MelcoPBL's management.

1) MPEL should be announcing earnings on 3/31 which will most likely be a complete barn burner due to the AMAX deal.

2) City of Dreams' construction progress is under firm, clear deadlines and the project is progressing speedily.

3) City of Dreams' opening target date will be announced.
March 09 - if you do some chinese numerology, the opening will probably be on one of these dates: 3/14 (Saturday), 3/18 (Wednesday), 3/23 (Monday) 3/26 (Thursday) or 3/28 (Saturday). I doubt they will open in April since "4" is an unlucky number.


Hmm, well the ceremony didn't provide info as I had hoped. They did not say anywhere that construction was on schedule, nor did they fix a target opening date. All the info they provided were facts that we already knew. I was disappointed by their announcement and I think they could have elaborated much further on a few details.

Anyway, MPEL 1Q report is expected around 15 May, so I will be looking forward to that.

Chuck, now that we have the topping off behind us, can you share with us some of the other info MPEL shared with you?

Also, I believe you misspoke.... MELCO reported on 3/31, not MPEL, and it was for the Q ending 12/31.

Thanks for all you do!

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