MGM China gets nod for Macau casino
Source: Agencies |
January 10, 2013, Thursday
|
Print Edition
Print Edition
THE Chinese arm of US casino company MGM Resorts International won official approval yesterday for its new Macau casino-resort, putting it a step closer to catching up with rivals in the world's most lucrative gambling market.
Notice of MGM China's plan to build a US$2.5 billion resort in the Cotai district was published yesterday in Macau's official government gazette.
The announcement means the Las Vegas-based company has cleared another hurdle as it races to build a second casino to compete with competitors that have a bigger presence in the Asian gambling hub. The company said in November that it had received a long-awaited land concession for the project, which will involve a five-star, 1,600-room hotel with 500 gambling tables and 2,500 slot machines.
Macau has become an increasingly important source of profit for foreign operators such as Las Vegas Sands Corp and Wynn Resorts Ltd.
Revenues from the city's three dozen casinos, which have been powered by visitors from the Chinese mainland, are about six times the amount earned on the Las Vegas Strip.
Revenues rose 14 percent to US$38 billion last year. But the growth rate was down from 42 percent in 2011, making it all the more important for casino operators to expand their presence quickly to capture greater market share. MGM has a relatively small presence in Macau compared with the likes of Sands, which has four casinos.
Notice of MGM China's plan to build a US$2.5 billion resort in the Cotai district was published yesterday in Macau's official government gazette.
The announcement means the Las Vegas-based company has cleared another hurdle as it races to build a second casino to compete with competitors that have a bigger presence in the Asian gambling hub. The company said in November that it had received a long-awaited land concession for the project, which will involve a five-star, 1,600-room hotel with 500 gambling tables and 2,500 slot machines.
Macau has become an increasingly important source of profit for foreign operators such as Las Vegas Sands Corp and Wynn Resorts Ltd.
Revenues from the city's three dozen casinos, which have been powered by visitors from the Chinese mainland, are about six times the amount earned on the Las Vegas Strip.
Revenues rose 14 percent to US$38 billion last year. But the growth rate was down from 42 percent in 2011, making it all the more important for casino operators to expand their presence quickly to capture greater market share. MGM has a relatively small presence in Macau compared with the likes of Sands, which has four casinos.
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