Macau: MGM Grand Macau casino opens in December at investment of US$1.25 billion

14 November 2007

Macau, China, 14 Nov – The MGM Grand Macau casino, a partnership between US company MGM Mirage and Pansy Ho, daughter of Macau gaming magnate Stanley Ho, is due to open on December 18 following an investment in the project of US$1.25 billion, the company said.

MGM Grand Macau, the 28th casino in Macau, will have 385 gaming tables, 890 slot machines and 16 “high roller” rooms.

The new casino’s building, which will include a 600-room hotel located next to the river, has 35 floors and will employ 6,000 people.

Pansy Ho said that, as well as MGM Grand Macau, the MGM Grand Paradise partnership is negotiating with the Macau government to kick off a new project in the Cotai area, between the islands of Taipa and Coloane in which other casinos are also being built.

In the first 10 months of the year, gaming and gambling activities in Macau posted gross revenues of 68.2 billion patacas, including betting on horse racing and lotteries.

In terms of market share, Stanley Ho, through Sociedade de Jogos de Macau (SJM), attracts 37 percent of gross revenues, followed by Las Vegas Sands with around 24 percent, Galaxy Resorts with 16 percent, Wynn Resorts with 14 percent and Melco/PBL with 9 percent.

In 2007 gaming and gambling activities in Macau are expected to total between 83 billion patacas, a rise of between 44.5 percent and 48 percent against the figures for 2006. (macauhub)