MGM's (NYSE: MGM ) China unit has received approval from Macau authorities to build a new casino in the gambling enclave, the company announced in a press release. The facility will be located on an 18-acre site in the Cotai district and will boast around 1,600 hotel rooms, 500 gaming tables, and 2,500 slot machines. The company's budget is around $2.5 billion for the complex, and construction is expected to take around three years.
MGM is one of Macau's six casino operators. The enclave, the only part of China where casino gambling is legal, is a hotly contested market. Its gambling revenue amounts to roughly six times that of the fabled Las Vegas Strip. Overall, gaming take from Macau rose 14% year-over-year in 2012.