MGM's Macau Casino Project Approved

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.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2188330, ~/Articles/ArticleHandler.aspx, 10/25/2014 1:45:19 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement