MGM China's new $3.1b Macau casino approved by government

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.