MGM China signs deal for new Macau casino

HONG KONG (AP) - The Chinese arm of United States (US) casino company MGM Resorts International signed a land deal on Thursday to build a new casino resort in Macau, the world's biggest gambling market.

MGM China Holdings said it signed a land concession contract with the Macau government for a plot in the Cotai district, an area of reclaimed land that is earmarked for all new casinos in the Asian gambling haven.

MGM said it is paying US$161.4 million (S$196.6 million) for the land, including a down payment of US$56.2 million. The rest will be split into eight equal installments.

The company plans to build a casino resort with a "truly unique MGM experience" that will include a 1,600-room hotel, 500 gambling tables and 2,500 slot machines, MGM China said in a statement to the Hong Kong stock exchange, where its shares are traded.