Las Vegas, NV, USA (Jan. 9, 2013) /PRNewswire/ — MGM Resorts International today 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.
Jim Murren, Chairman and Chief Executive Officer of MGM Resorts and Co-Chairman of the Board of MGM China, said: “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. Our design is in its advanced stage and will bring a new level of excitement, sophistication and entertainment to Macau.”
Pansy Ho, MGM China Chairperson, said: “We are extremely grateful to the Macau government for the opportunity to develop our Cotai property. MGM China is dedicated to continuing to grow with Macau as it develops into an international tourism destination.”
With a budget of approximately US$2.5 billion, MGM’s world-class resort in Cotai will include approximately 1,600 hotel rooms, 500 gaming tables, and 2,500 slots. The resort will feature over 85% gross floor area of non-gaming offerings, including exciting restaurant, retail and entertainment offerings. Construction is expected to take up to 36 months.
About MGM Resorts International
MGM Resorts International is one of the world’s leading global hospitality companies, operating destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51% of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50% of CityCenter in Las Vegas, which features ARIA resort and casino. For more information about MGM Resorts International, visit the Company’s website at www.mgmresorts.com.
About MGM China Holdings Limited
MGM China Holdings Limited is one of the leading casino gaming resort developers, owners and operators in the greater China region. The Company is the holding company for MGM Grand Paradise, S.A., which holds one of the six gaming subconcessions to operate casino games in Macau. MGM Grand Paradise currently owns and operates MGM Macau, the award-winning, premium integrated casino and luxury resort located on the Macau Peninsula and is in the process of developing a gaming resort in Cotai.