Shares of MGM Resorts (NYSE:MGM) are higher in premarket trading after the company opens the long-awaited MGM Cotai in Macau. The opening was delayed four times.
The bright lights of the MGM Cotai were turned on just in time for the Chinese New Year, a timing seen as important for MGM China's (OTCPK:MCHVF, OTCPK:MCHVY) Q1 earnings
The extra boost in traffic to Cotai is expected to also be a positive for Wynn Palace (NASDAQ:WYNN) and the Parisian (NYSE:LVS).
"I believe we have created a resort that exactly targets the market that’s the fastest growing today -- the upper-end mass market," says MGM CEO James Murren.
MGM Resorts +1.51% premarket to $33.70. MGM China closed up 0.70% in Hong Kong.