MGM's China arm aquires land to construct US$2.5 bil. Macau casino
October 20, 2012, 12:06 am TWN
HONG KONG -- The Chinese arm of U.S. casino company MGM Resorts International signed a land deal Thursday for a new US$2.5 billion casino resort in Macau, the world's biggest gambling market, hoping to catch up with the rapid expansion of rival casino operators.
MGM China Holdings Ltd. said it formally accepted a long-awaited land concession contract from the Macau government for a 7.2-hectare (17.7-acre) plot in the Cotai district, an area of reclaimed land that's earmarked for all new casinos in the Asian gambling haven.