The China State Construction International Holdings Ltd. Group has signed a contract worth US$1.35 billion to build MGM Cotai, a hotel and gaming complex in the Cotai area, in Macau, the group said in a statement issued Tuesday.
Under the terms of the contract signed in Beijing by the chairmen of the Chinese group, Yi Jun and James J. Murren, chief executive of MGM Resorts International, China State Construction International Holdings Ltd. will work as the coordinating contractor for construction of MGM Cotai, which will be built by the group’s subsidiary companies and is due to be concluded in the first half of 2016, with work due to start at the beginning of 2014.
The contract was signed the day after MGM China Holdings Ltd announced it had signed a statement of intention to build MGM Cotai with subsidiaries of China State Construction International Holdings Ltd, specifically with China State Construction Engineering (Hong Kong) Ltd and China Construction Engineering (Macau) Company Ltd.
The contract, which is also a strategic cooperation agreement, also sets out guidelines for future projects involving China Construction Americas, the United States subsidiary of the Chinese group.
MGM Cotai will be the MGM China Holdings’ second facility in Macau, as MGM Macau, which cost US$1.25 billion and is a partnership between MGM Resorts International and Pansy Ho Chiu King, Stanley Ho’s daughter, was inaugurated in December 2007. (macauhub)