The Macau Metro Monitor, October 18, 2012
MGM RESORTS INTERNATIONAL SUBSIDIARY MGM CHINA HOLDINGS RECEIVES APPROVAL TO DEVELOP GAMING RESORT IN COTAI MGM
MGM China has formally accepted a Land Concession Contract in the form of a lease granted by the Macau Government. MGM China paid the Macau Government ~$56MM as the initial payment of the contract premium. The Macau Government will arrange for the publication of the Land Concession Contract in the Official Gazette of Macau in due course. With a budget of approximately $2.5 billion, the world-class resort will include approximately 1,600 hotel rooms, 500 gaming tables, and 2,500 slots built on an approximately 17.8 acre 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 Land Concession Contract in the Official Gazette of Macau and is anticipated to take up to 36 months.
GRAND LISBOA GETS GREEK MYTHOLOGY TABLES Macau Business
SJM CEO Ambrose So said that 40 gaming tables removed from Greek Mythology in August have been put into operation at the Grand Lisboa casino. “The move was made about two months ago,” So said. “Greek Mythology operates under a satellite-casino agreement [with SJM Holdings] and the deal states that if the business drops, the operating rights of some tables can be terminated,” So explained. SJM also got back 200 employees previously working at Greek Mythology.