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$2.5 Billion Resort in Macau by MGM
MGM Resorts International has very ambitious plans concerning the Chinese resort of Macau. The company’s subsidiary MGM China Holdings has finally got a land lease from the government of Macau. The hotelier will use this land to build a huge casino-resort on Cotai Strip. The cost of the 5-star complex will be US$2.5 billion.
MGM China Holdings is a company owned by Las Vegas-based MGM Resorts International (51% of the stake) and Pansy Ho Company that belongs to the daughter of Stanley Ho, a famous gaming tycoon. MGM China Holdings has already paid the initial payment of US$56 million to the government of Macau.
The new resort will have approximately 1,600 guestrooms, 500 gaming tables, and over 2,500 slot machines. The complex will occupy the area of 17.8 acre (7.2 hectare). Almost 85% of the territory will be occupied by non-gaming facilities. The complex will include a hotel, retail space, numerous restaurants, and other entertainment facilities. The construction will last approximately three years and will start once the publication about the lease appears in the Official Gazette of Macau.
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