MGM China's new $3.1b Macau casino approved by government
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In this Dec 18, 2007 file photo, visitors queue up for entry of the new MGM Grand Macau casino resort after the opening ceremony in Macau. The Chinese arm of US casino company MGM Resorts International won official approval for its new casino-resort in the world’s most lucrative gambling market, Macau. -- PHOTO: AP
HONG KONG (REUTERS) - A US$2.5 billion (S$3.1 billion) Macau casino planned by MGM China, the Chinese arm of US gambling giant MGM Resorts International, received government approval on Wednesday, sending shares of MGM China to an 18-month high.
The announcement in Macau's official gazette comes after MGM said in October it would pay the government 450 million patacas (S$69.3 million) as an initial instalment to lease the land.
The project still requires various construction approvals before building can start.
MGM competes in Macau, the world's largest gambling destination, against other US rivals like Sands China and Wynn Macau.
