Despite MGM Grand Macau struggle, MGM Mirage maintains that it has seen a profound improvement in the performance of its this summer, according to Chief Executive Jim Murren in an interview with The Wall Street Journal.

We’re feeling better, Murren said, noting that in the past, We underperformed relative to our potential. (But) have made a lot of changes. MGM’s CE also said the company over-estimated Chinese gamblers’ interest in high-end restaurants and hotel rooms early on.

In the last few months, the company has changed the management team, stepped up its marketing and focused on making its casino areas more appealing to serious gamblers, Murren said.

In August, the casino lifted its market share to 11 percent, up from eight percent in June, which moved it from sixth to fifth in the Macau market, surpassing Galaxy Entertainment group.

The Las Vegas-based company had been losing the fight for customers in Macau ever since its 600-room MGM Grand Macau opened in December 2007 at a cost of US$1.25 billion.

MGM Mirage has been working for several months on an initial public offering in Macau to raise capital, a path that Wynn Resorts and Las Vegas Sands are also pursuing. Murren said the company is adopting a wait-and-see position on the other IPOs before it moves forward.

Macau is a vital market for American casino operators, who have seen their US operations flag as a result of the recession.

Macau MGM Grand Paradise is a 50-50 joint venture with Pansy Ho Chui-king, the daughter of casino magnate Stanley Ho Hung-sun. The company recently told investors that New Jersey gaming regulators plan to re-open hearings on MGM Mirage’s license in New Jersey after inspectors in the state’s Attorney General’s office found Ms Ho to be an unsuitable business partner.

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