MGM China seals US$2.5b casino deal
Source: Agencies |
October 19, 2012, Friday
|
Print Edition
Print Edition
THE Chinese arm of US casino company MGM Resorts International signed a land deal yesterday for a new US$2.5 billion casino resort in Macau, the world's biggest gambling market, hoping to catch up with the rapid expansion of rival casino operators.
MGM China Holdings Ltd said it formally accepted a long-awaited land concession contract from the Macau government for a 7.2-hectare plot in the Cotai district, an area of reclaimed land that's earmarked for all new casinos in the Asian gambling haven.
MGM China said it is paying US$161.4 million for the land, including a US$56.2 million down payment. The balance of the money will be split into eight equal installments.
The company plans to build a casino resort with a "truly unique MGM experience" that will include a five-star 1,600-room hotel, 500 gambling tables and 2,500 slot machines, according to a MGM China statement to the Hong Kong stock exchange, where its shares are traded. The company is a joint venture between Las Vegas-based MGM Resorts International and Pansy Ho, daughter of Macau casino kingpin Stanley Ho.
Analysts estimate the company's share of the market is among the lowest of the six casino operators in Macau, the only place in China where casinos are legal.
The deal means MGM China will be able to catch up with rivals that already operate in Cotai or have received approval to expand there.
MGM China Holdings Ltd said it formally accepted a long-awaited land concession contract from the Macau government for a 7.2-hectare plot in the Cotai district, an area of reclaimed land that's earmarked for all new casinos in the Asian gambling haven.
MGM China said it is paying US$161.4 million for the land, including a US$56.2 million down payment. The balance of the money will be split into eight equal installments.
The company plans to build a casino resort with a "truly unique MGM experience" that will include a five-star 1,600-room hotel, 500 gambling tables and 2,500 slot machines, according to a MGM China statement to the Hong Kong stock exchange, where its shares are traded. The company is a joint venture between Las Vegas-based MGM Resorts International and Pansy Ho, daughter of Macau casino kingpin Stanley Ho.
Analysts estimate the company's share of the market is among the lowest of the six casino operators in Macau, the only place in China where casinos are legal.
The deal means MGM China will be able to catch up with rivals that already operate in Cotai or have received approval to expand there.
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