|
MGM Mirage strikes deal
for Macau casino
Los Angeles, June 21 - MGM Mirage
has struck a deal with the daughter of Macau's biggest
gambling tycoon to open a casino in the Chinese gambling
haven in about late 2006, MGM said on Monday.
The hotel and gambling complex will be jointly owned
and operated under the "MGM Grand" name and be
structured as a gambling subconcession from Sociedade de
Jogos de Macau, which is controlled by casino magnate
Stanley Ho.
MGM said it would have an equal stake with Pansy Ho,
Stanley Ho's daughter. No financial terms were disclosed
but the venture will compete with Las Vegas Sands Inc.
and Wynn Resorts Ltd., two Las Vegas rivals also
expanding into the former Portuguese enclave that
already rivals the Las Vegas Strip in gambling revenue.
Pansy Ho is also managing director of Shun Tak
Holdings Ltd., a Hong Kong-based trading and hospitality
firm with an indirect stake in Sociedade de Jogos de
Macau.
MGM last week reached another deal to take over Las
Vegas rival Mandalay Resort Group and form the largest
casino company in the world.
|
