Grand casino work starts
MACAO: MGM Grand Paradise Ltd, a joint venture between Macao casino-owner Pansy Ho and world gambling giant MGM Mirage, yesterday launched the construction of MGM Grand Macao, a grand casino resort.
The MGM Grand Macao, a 600-room, 28-floor hotel set to open in the later part of 2007, occupies a prime waterfront site in the SAR’s Nam Van gaming district. It will have 300 tables and 1,000 slots.
MGM Grand Paradise Chairman J. Terrence Lanni said Macao was still the first gambling investment destination in South Asia.
Though MGM Mirage is interested in setting up casinos in other South Asian locations such as Singapore, Macao still occupies the most competitive edge, he said.
The US gambling giant and Pansy Ho have agreed to invest US$975 million (HK$7.6 billion) to build the grand casino, the first project of their 50-50 joint venture.
MGM Grand Paradise managing director Ho said Macao still enjoyed a competitive edge over other East Asian rivals, or even Las Vegas.
The reason for that, she said, was the SAR’s historical and cultural interaction with and geographical advantage in the Pearl River Delta region, not to mention its favourable climate.
The two parties’ direct investment in the project will be US$600 million, with the rest coming from bank loans. The venture has no plan to go public to raise funds, Ho said.
She expected MGM Grand Macao to generate about 5,000 jobs in the SAR.
But she said that shortage of talent plaguing the SAR’s gambling industry would attract more overseas workers because of the robust tourism growth.
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