MGM Grand Macau To Be "Overhauled"
Now that the financial disaster surrounding MGM Mirage's City Center appears to have been settled, CEO Jim Murren has decided to roll up his already rolled up sleeves and dig into MGM Grand Macau, signaling to Bloomberg that an "overhaul" is in the works.
Our Macau market shre is half what it should be. The other U.S.-based and new casinos have been more aggressive in marketing, more aggressive [in recruiting and junket relationships."
It's kinda funny he says that, as just yesterday Steve Wynn implied during the Wynn earnings call that competing for junket business via bidding up commission rates was probably going to stop under the new leadership of the Macau SAR.
Could Wynn have an inside track on something Murren doesn't know? Is Murren and MGM trapped in a game of chase the leaders wherein they find nothing but an arm full of dust where their tackle was attempted? Has Murren seen MGM Grand Macau drop like a lead balloon in the month or so since City of Dreams opened? Have his moles inside the Wynncore Macau complex reported back to MGM something along the lines of "Steve is right... this place is gonna be phenomenal. You are in deep doo doo indeed."
Expect shoes to begin dropping in six weeks.