MGM joins the fray in Macau
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Casino resort MGM Grand Macau - which opened yesterday - has joined the illustrious list of mega players vying for a pie of Macau’s gaming industry.
The 154-metre hotel tower costing, costing US$ 1.25 billion, is a 50/50 joint venture between MGM Mirage of Las Vegas and Pansy Ho, daughter of Macau’s casino magnate, Stanley Ho.
The 600-room casino resort is also MGM Mirage’s first in Asia. The partnership between the world’s second-largest casino operator and Ho is the last among Macau’s six licensed casino operators to open in Macau, Bloomberg said.
The 35-storey resort offers 375 table games, 900 slot machines and 16 private gaming salons. Already Macau has surpassed the Las Vegas Strip as the world’s biggest gambling hub last year. According to official statistics, gaming revenues for the first three quarters of this year has hit US$7.5 billion, more than last year’s total revenue, Xinhua reported.
Terrence Lanni, chairman and chief executive officer of MGM Mirage, was quoted saying that they are looking to visitors from south-eastern China for business. A Bloomberg report said some 85% of Macau’s gaming revenue is from gamblers from the coastal provinces of Guangdong, Guangxi, Fujian and Zhejiang.
MGM Grand Paradise is currently working with the Macau government on a second development site in Cotai.
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