MGM China Gets Formal Approval For New Casino in Macau
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MGM China Holdings Ltd., a venture between a daughter of casino mogul Stanley Ho and MGM Resorts International, received formal government approval to build its second resort in Macau. The stock surged.
The venture will pay a land premium of 1.29 billion patacas ($162 million) and annual rent of 2.15 million patacas to develop a five-star hotel and a casino resort, the government’s gazette said today.