MGM plan second Macau casino
MGM Mirage plans a second casino resort in Macau through its joint venture with Pansy Ho Chiu-king, MGM Grand Paradise, and plans on submitting its application later this year.
MGM’s first Macau resort to be built, an MGM Grand casino, will be open later this year, cost $1.1 billion and be located on the Macau peninsula. The proposed new casino will be larger than this 10.5 acre development and would be situated on the Cotai Strip area – a strip being modelled on the famous Las Vegas strip.
However, according to MGM chief executive Terry Lanni, those two casinos should not be the full extent of MGM’s aspirations in Macau and believes there will be “further opportunities” on the tiny island.
That optimism is backed up by the unrelenting growth of Macau which has seen its gambling revenue takings exceed that of the Las Vegas strip. Experts expect that figure to grow to between $10 billion and $15 billion by 2010.
Meanwhile, Lanni also announced that the MGM board had approved a development of a mixed-use casino complex in Atlantic City. Plans are in their infancy at the moment, but it is likely the resort would comprise of residential areas, an arena, retail areas and both casino and non-casino hotels.
Editor, Jackpot.co.uk - 2007-02-14 11:43:12