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MGM's China arm aquires land to construct US$2.5 bil. Macau casino

AP
October 20, 2012, 12:06 am TWN

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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.

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