MGM Resorts International announced that the land concession accepted by MGM Grand Paradise, S.A. on October 18, 2012 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 coâ€?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 worldâ€?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 nonâ€?gaming
amenities such as restaurant, retail and entertainment offerings.
Construction is expected to take up to 36 months.
“We are extremely grateful to the Macau government for the
opportunity to develop our Cotai property,” said Pansy Ho, MGM China chairperson.
“MGM China is dedicated to continuing to grow with Macau as it develops into an
international tourism destination.”
MGM Resorts' Cotai project a step closer to reality
January 10, 2013