MGM Resorts International has received permission to develop a new US$2.5 billion gaming resort on Macau’s Cotai Strip.
Through its 51%-owned subsidiary, MGM China , the company will create a luxury resort and casino complex on a 7.2-hectare site, including approximately 1,600 hotel rooms, 500 gaming tables and 2,500 slot machines. MGM said that more than 85% of the resort’s total floor space would be “non-gaming offerings”, including restaurants, shops and entertainment.
“We are extremely appreciative of the Macau government for the grant of the land concession contract and the opportunity to build a spectacular resort. Our Cotai property will demonstrate our continued commitment to contribute to Macau as it develops into an international tourism and entertainment hub as well as a convention and meeting destination,” said Pansy Ho, MGM China’s Chairman & Executive Director.
MGM already operates a 35-storey, 600-room casino resort in Macau but has been eclipsed in recent years by the huge Cotai developments belonging to Las Vegas Sands and Galaxy Entertainment Group.
Construction on the new resort is expected to take up to 36 months.