MGM Resorts International announced on Thursday that its subsidiary MGM China Holdings is set to develop a 5-star luxury casino-resort on Macau’s Cotai Strip after formally accepting a land lease granted by the Macau government.
MGM China Holdings, a tie-up between MGM Resorts International, Las Vegas, which owns a 51% stake and Pansy Ho, the daughter of Macau gaming tycoon Stanley Ho, paid the Macau government the sum of approximately US$56 million as the initial payment of the contract premium.
With a budget of approximately $2.5 billion, the resort will include 1,600 guestrooms, 500 gaming tables, and 2,500 slots built on an approximately 17.8 acre (7.2 hectare) site. The resort will feature over 85% gross floor area of non-gaming offerings, including exciting restaurant, retail and entertainment offerings.
Construction is expected to begin after the publication of the lease land concession contract in the Official Gazette of Macau and anticipated to take up to three years to complete.
“We are extremely appreciative of the Macau government for the grant of the land concession contract and the opportunity to build a spectacular resort. Our Cotai property will demonstrate our continued commitment to contribute to Macau as it develops into an international tourism and entertainment hub as well as a convention and meeting destination,” said Pansy Ho, MGM China chairman and executive director.