MGM Grand Macau Announces Project Enhancements and Secures $700 Million in Project Financing
09 Janeiro 2006 - 12:00PM
PR Newswire (US)
LAS VEGAS, Jan. 9 /PRNewswire-FirstCall/ -- MGM Grand Macau, a
hotel-casino resort currently under construction in Macau S.A.R.,
today announced significant enhancements to the project and that it
has secured $700 million in project financing from a consortium of
leading financial institutions. MGM Grand Macau is 50/50 owned and
will be jointly operated by MGM MIRAGE (NYSE:MGM) and Pansy Ho
Chiu-king. The enhancements to the project include a premier
entertainment venue and an iconic hotel atrium which will provide
guests an unsurpassed sense of arrival. The newly designed atrium
will be a spectacular feature that will be three times the size of
Bellagio's world-famous conservatory. The project now includes a
significantly larger casino consisting of at least 345 table games
and 1,035 slot machines. These enhancements are all being made
while the resort maintains over 70,000 square feet for future
casino expansion. MGM Grand Macau is located on a prime waterfront
site on the Macau peninsula at the center of the Macau gaming
industry. The resort also will include approximately 600 rooms,
suites and villas, several restaurants as well as additional
entertainment amenities. The project cost, including land and
license rights, preopening and capitalized interest, is budgeted at
USD $1.06 billion. Construction of the resort is underway and the
project is anticipated to open in the second half of 2007. "MGM
Grand Macau has been designed to make a major architectural
statement," said Terry Lanni, Chairman and Chief Executive Officer
of MGM MIRAGE and Chairman of MGM Grand Macau. "Its physical
prominence, dramatic tower and signature MGM Grand lion statue, as
well as the MGM Grand brand of excellence, will clearly make this a
must-see resort in Macau." Pansy Ho Chiu-king, Managing Director of
MGM Grand Macau, said, "MGM Grand Macau will be a world-class
resort facility. These enhancements will truly provide a
one-of-a-kind guest experience which will attract visitors to Macau
and our resort." MGM Grand Macau has received $700 million of
project financing commitments from eight leading financial
institutions. The Mandated Lead Arrangers of the senior secured
credit facilities are Bank of America, The Hongkong and Shanghai
Banking Corporation, Banco Nacional Ultramarino, Bank of China, BNP
Paribas, China Construction Bank, The Royal Bank of Scotland and
Sumitomo Mitsui Banking Corporation. Mr. Lanni said, "We are
extremely gratified by the overwhelming support for MGM Grand Macau
shown by our international consortium of financial partners. We
look forward to sharing our vision for our project and Macau in the
upcoming months and broadening these dynamic relationships." The
credit facilities will consist of a hotel & resort facility, a
casino project facility and a revolving five-year credit facility.
These credit facilities will be secured by the assets of MGM Grand
Macau. The credit facilities will be initially priced at LIBOR plus
250 basis points. These commitments are subject to satisfactory
final documentation between the parties and approval of such
financing agreements by the government of Macau. Closing of these
credit facilities is anticipated in the first quarter. About MGM
Grand Paradise Limited MGM Grand Paradise Limited is a 50/50
venture owned and jointly operated by MGM MIRAGE (NYSE:MGM) and Ms.
Pansy Ho Chiu-king. MGM Grand Paradise was formed to develop, build
and operate hotel-casino resorts in Macau S.A.R under a
sub-concession agreement approved by the Macau government. Under
construction and located on a prime waterfront site on the Macau
peninsula is MGM Grand Macau. The resort will consist of
approximately 600 rooms, suites and villas, several restaurants and
entertainment facilities and a casino complex consisting of at
least 345 table games and 1,035 slot machines. The total cost of
the project is budgeted at USD $1.06 billion and is anticipated to
open in late 2007. About MGM MIRAGE MGM MIRAGE (NYSE:MGM), one of
the world's leading and most respected hotel and gaming companies,
owns and operates 23 properties located in Nevada, Mississippi and
Michigan, and has investments in four other properties in Nevada,
New Jersey, Illinois and the United Kingdom. MGM MIRAGE has also
announced plans to develop Project CityCenter, a multi-billion
dollar mixed-use urban development project in the heart of Las
Vegas and has a 50% interest in MGM Grand Macau, a hotel-casino
resort currently under construction in Macau S.A.R. MGM MIRAGE
supports responsible gaming and has implemented the American Gaming
Association's Code of Conduct for Responsible Gaming at its
properties. MGM MIRAGE also has been the recipient of numerous
awards and recognitions for its industry-leading Diversity
Initiative and its community philanthropy programs. For more
information about MGM MIRAGE, please visit the company's website at
http://www.mgmmirage.com/. About Pansy Ho Pansy Ho is managing
director of Shun Tak Holdings Limited (HKSE: HSTGY), a leading Hong
Kong-based conglomerate operating four core businesses -- shipping,
property, hospitality and investments. Shun Tak will not be a
participant in MGM Grand Paradise. In addition to her position with
Shun Tak Holdings, Pansy Ho is chairman of Macau Tower Convention
and Entertainment Centre. She is also a committee member of the
Chinese People's Political Consultative Conference of Beijing,
member of the executive committee of All-China Federation of
Industry and Commerce, executive vice president of Guangdong
Chamber of Foreign Investors, founding honorary advisor and board
director of The University of Hong Kong Foundation for Educational
Development and Research and advisory council member of the Better
Hong Kong Foundation. Statements in this release which are not
historical facts are "forward looking" statements and "safe harbor
statements" Under the Private Securities Litigation Reform Act of
1995 that involve risks and/or uncertainties, including risks
and/or uncertainties as described in the company's public filings
with the Securities and Exchange Commission in the United States.
DATASOURCE: MGM MIRAGE CONTACT: Allen Feldman, Sr. Vice President,
Public Affairs of MGM MIRAGE, +1-702-891-7147 Web site:
http://www.mgmmirage.com/
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