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MGM Resorts opens $6.9b casino

Reuters
Wednesday, February 14, 2018

MACAU - MGM Resorts opens its $US3.4 billion ($F6.9b) casino resort in the Chinese-controlled territory of Macau on Tuesday, just days ahead of the Lunar New Year holiday, hoping to ride a boom in business in the world's biggest gaming hub.

MGM Cotai, which will more than triple the number of MGM's hotel rooms in the former Portuguese colony to 1972, marks a major expansion into hospitality amid uncertainty over the renewal process of its casino license that expires in two years.

The new resort, MGM's second and the biggest investment in Macau, boasts a 2000-seat theatre and artwork including 28 carpets from the Qing dynasty.

It will increase MGM's overall gaming table count in the hub by 29 per cent to 552.

MGM is one of six licensed casino operators in the special administrative region located on the heel of China's southern coast, and it is the only place in the country where citizens are allowed to gamble legally.

But MGM's licence is due to expire in 2020 along with SJM Holdings, while licences for Sands China, Wynn Macau, Galaxy Entertainment and Melco Resorts are set to expire in 2022.

Macau authorities have provided little information about whether, and how, the licenses will be renewed.








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