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.