THE Chinese subsidiary of MGM Resorts International and gaming tycoon Stanley Ho’s Sociedade de Jogos de Macau (SJM) have signed separate land deals with the Macau SAR government to build new casino resorts in the Cotai Strip.
MGM China Holdings, which already owns and operates MGM Macau, forked out US$161.4 million, including a down payment of US$56.2 million, to secure a 71,833m2 plot of land adjacent to the Avenida da Nave Desportiva.
Armed with a budget of approximately US$2.5 billion, MGM China plans to construct a five-star luxury resort and casino that will offer 1,600 hotel rooms, 500 gaming tables and 2,500 slots. Over 85 per cent of the property’s gross floor area will be set aside for non-gaming facilities, including F&B, retail and entertainment offerings.
Meanwhile, SJM, owner-operator of the Casino Lisbao and Grand Lisbao, has paid US$269.5 million for the right to build a new five-star luxury resort and casino on a 70,468m2 site in the Cotai Strip.
The new resort will incorporate a casino with up to 700 gaming tables and 1,000 slot machines, a range of non-gaming facilities including venues for dining, shopping and entertainment, as well as 2,000 hotel rooms and suites.
Construction of the two resorts is expected to begin after the publication of the Land Concession Contracts in the Official Gazette of Macau, and is anticipated to take up to three years.
