MGM RESORTS COTAI PROJECT A STEP CLOSER TO REALITY
February 11, 2013
MGM Resorts International
announced that the land concession accepted by MGM Grand Paradise, S.A., last
October has been officially gazetted by the Macau government. The land
concession is on the terms previously announced and is for a 17.8 acre site in
the Cotai area of Macau.
The concession has a 25 year initial term, with the
right to successively renew for additional periods, subject to applicable
legislation.
“Now that the official transfer of real estate in Cotai
has occurred, we will focus our full energies on the commencement of
construction of our Cotai resort and casino,” said Jim Murren, chairman and CEO
of MGM Resorts and co-chairman of the board of MGM China. “Our design is in its
advanced stage and will bring a new level of excitement, sophistication and
entertainment to Macau.”
With a budget of
approximately $2.5 billion, MGM’s world-class resort in Cotai will include
approximately 1,600 hotel rooms, 500 gaming tables, and 2,500 slots. More than
85 percent of gross floor area at the new resort will feature non-gaming
amenities such as restaurant, retail and entertainment offerings.
Construction is expected to take up to 36 months.
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