LAS VEGAS, Jan. 9, 2013 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today announced that the land concession
accepted by MGM Grand Paradise, S.A. on October 18, 2012 has been officially gazetted by
the Macau government. The
land concession is on the terms previously announced and is for a
17.8 acre site in the Cotai area of Macau. The concession has
a 25 year initial term, with the right to successively renew for
additional periods, subject to applicable legislation.
Jim Murren, Chairman and Chief
Executive Officer of MGM Resorts and Co-Chairman of the Board of
MGM China, said: "Now that the official transfer of real estate in
Cotai has occurred, we will focus our full energies on the
commencement of construction of our Cotai resort and casino.
Our design is in its advanced stage and will bring a new level of
excitement, sophistication and entertainment to Macau."
Pansy Ho, MGM China Chairperson,
said: "We are extremely grateful to the Macau government for the opportunity to
develop our Cotai property. MGM China is dedicated to
continuing to grow with Macau as
it develops into an international tourism destination."
With a budget of approximately US$2.5
billion, MGM's world-class resort in Cotai will include
approximately 1,600 hotel rooms, 500 gaming tables, and 2,500
slots. The resort will feature over 85% gross floor area of
non-gaming offerings, including exciting restaurant, retail and
entertainment offerings. Construction is expected to take up
to 36 months.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world's
leading global hospitality companies, operating destination resort
brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage.
The Company also owns 51% of MGM China Holdings Limited, which owns
the MGM Macau resort and casino and is in the process of developing
a gaming resort in Cotai, and 50% of CityCenter in Las Vegas, which features ARIA resort and
casino. For more information about MGM Resorts International,
visit the Company's website at www.mgmresorts.com.
About MGM China Holdings Limited
MGM China Holdings Limited (SEHK 2282) is one of the leading
casino gaming resort developers, owners and operators in the
greater China region. The Company
is the holding company for MGM Grand Paradise, S.A., which holds
one of the six gaming subconcessions to operate casino games in
Macau. MGM Grand Paradise
currently owns and operates MGM Macau, the award-winning, premium
integrated casino and luxury resort located on the Macau Peninsula and is in the process of
developing a gaming resort in Cotai.
Statements in this release that are not historical facts are
forward-looking statements involving risks and/or uncertainties,
including those described in the company's public filings with the
Securities and Exchange Commission. We have based
forward-looking statements on management's current expectations and
assumptions and not on historical facts. Examples of these
statements include, but are not limited to, statements regarding
the scope of and schedule of completion for the planned luxury
resort and casino in Cotai. These forward-looking statements
involve a number of risks and uncertainties. Among the important
factors that could cause actual results to differ materially from
those indicated in such forward-looking statements include effects
of economic conditions and market conditions in the markets in
which we operate and competition with other destination travel
locations throughout the United
States and the world, the design, timing and costs of
expansion projects, risks relating to international operations,
permits, licenses, financings, approvals and other contingencies in
connection with growth in new or existing jurisdictions and
additional risks and uncertainties described in our Form 10-K, Form
10-Q and Form 8-K reports (including all amendments to those
reports). In providing forward-looking statements, the
Company is not undertaking any duty or obligation to update these
statements publicly as a result of new information, future events
or otherwise, except as required by law.
SOURCE MGM Resorts International