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MGM China signs deal for Macau casino expansion
217 days ago
(AP:HONG KONG) The Chinese arm of U.S. casino company MGM Resorts International says it has signed a long-awaited land deal to build a new casino resort in Macau, the world's biggest gambling market.
MGM China Holdings Ltd. said Thursday it has signed a land concession contract with the Macau government for a plot in the Cotai district. Cotai is an area of reclaimed land that's earmarked for all future casino expansion in the Asian gambling hub.
MGM said it is paying $161.4 million for the land, including a down payment of $56.2 million. The company plans to build a resort that includes a 1,600-room hotel, 500 gambling tables and 2,500 slot machines.
The deal means MGM will be able to compete with rivals that have already expanded in Cotai, including Sands China.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
