24 Oct 2012
MGM China to develop luxury hotel and casino in Macao
BY Aoife Dowling
MGM China Holdings will develop a HK$20bn (US$ 2.5bn €1.6bn £2bn) five-star luxury resort and casino in Cotai, Macao, special administrative region, (SAR) of China.
The resort will include 1,600 rooms, 500 gaming tables and 2,500 slots built on a 71,833sq m (235,672sq ft) site.
MGM China accepted a land commission contract by the Macao government, paying HK$437m (US$56m, €35.2m, 43.6m) as the initial payment of the contract premium.
More than 85 per cent of the resort's floor area will be designated for non-gaming offerings, including restaurants, entertainment centres and retail.
Pansy Ho, MGM China Chairperson and executive director, said: "We are extremely appreciative of the Macao SAR Government for the grant of the land concession contract and the opportunity to build a spectacular resort.
"Our Cotai property will demonstrate our continued commitment to contribute to Macao as it develops into an international tourism and entertainment hub as well as a convention and meeting destination."
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