MGM Resorts' Cotai Land Concession Gazetted by Macau Government
MGM Resorts International (NYSE: MGM) today announced that the land concession accepted by MGM Grand Paradise, S.A. on October 18, 2012 has been officially gazetted by the Macau government. The land concession is on the terms previously announced and is for a 17.8 acre site in the Cotai area of Macau. The concession has a 25 year initial term, with the right to successively renew for additional periods, subject to applicable legislation.
Jim Murren, Chairman and Chief Executive Officer of MGM Resorts and Co-Chairman of the Board of MGM China, said: "Now that the official transfer of real estate in Cotai has occurred, we will focus our full energies on the commencement of construction of our Cotai resort and casino. Our design is in its advanced stage and will bring a new level of excitement, sophistication and entertainment to Macau."
Pansy Ho, MGM China Chairperson, said: "We are extremely grateful to the Macau government for the opportunity to develop our Cotai property. MGM China is dedicated to continuing to grow with Macau as it develops into an international tourism destination."
With a budget of approximately US$2.5 billion, MGM's world-class resort in