LAS VEGAS, Nev. -- MGM Grand Inc. said Thursday it has accelerated the target opening date of its $1 billion MGM Grand Hotel Casino and Theme Park to Dec. 18. more than three months ahead of the original schedule.
'We are delighted that our construction progress to date has enabled us to accelerate our opening date for the second time in six months,' said Robert R. Maxey, president and chief executive officer. 'The earlier opening will enable us to take advantage of the year-end holiday.'
MGM Grand stock rose 12.5 cents to $10.75 a share on the New York Stock Exchange in mid-session trading.
'Plans for the MGM Grand opening parties and other events are being expedited,' said Larry Woolf, chief executive officer of the hotel. 'We recognize that the earlier opening date presents a great opportunity for MGM Grand, and we intend to capitalize on it.'
The MGM Grand, funded by $400 million of billionaire Kirk Kerkorian's own money, will be the world's largest hotel with 5,005 rooms and the world's largest casino with 171,500 square feet. The 'Wizard of Oz' theme park will have 12 major attractions and eight themed streets.
MGM Grand and Bally's are building a $25 million monorail system between the hotels. Bally's is the former MGM Grand, sold off at a handsome profit several years ago by Kerkorian, who owns most of MGM Grand Inc.
The new MGM hotel-theme park is the most ambitious project under construction in Las Vegas, which is seeing a scramble among casino operators to attract families rather than traditional gamblers. An estimated $2 billion is being spent on new projects.
Circus Circus Enterprises has led the charge, sinking nearly $300 million into the 4,000-room Excalibur hotel-casino, which opened in 1990 on the Las Vegas Strip and just down the street from its flagship Circus Circus hotel-casino.
Circus Circus also has two new properties coming on line in Las Vegas: a $325 million Egyptian-themed Luxor hotel-casino project, which includes a 30-story pyramid and is due to open in October, and a $75 million Grand Slam Canyon amusement park, due open in August.
Steve Wynn's Mirage Resorts is building a $430 million Treasure Island casino, due to open next year.
