THE M3: MGM COTAI SITE; CHINA LOANS

The Macau Metro Monitor, May 12, 2011

 


MGM 'IDENTIFIED' COTAI SITE Macau Daily Times

“We have identified a site of approximately 17.8 acres [0.07 sq km] in Cotai and have submitted an application to the Macau Government to obtain the right to lease this parcel of land. We are awaiting approval of this application. Even if our Cotai project is approved and we are able to develop it successfully, we will continue to be dependent on Macau for our cash flows to the extent we are unable to develop properties in other markets," MGM China stated.

 

MGM China's potential site is almost three times smaller than the plot targeted by Wynn Macau, a 52-acre (0.2 sq km) area next to City of Dreams and Macau University of Science and Technology.

 

MGM China also wrote, "Gaming authorities in Mississippi and Michigan have stated that they are reviewing MGM Resort International's association with Pansy Ho and the gaming authority in Illinois has opened an investigation into this association."

 

CHINA'S APRIL NEW BANK LOAN Xinhua News

China's new bank lending stood at $739.6 BN yuan in April, a decrease of $20.8 BN yuan YoY.  As of end of April, the balance of outstanding yuan‐denominated loans stood at $50.21 trillion yuan, up 17.5% from last year.


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