MGM Macau. Photo credit: Jacob Mee.
Officials in Macau have approved casino giant MGM China Holding’s plans to build a second casino in the world’s biggest gambling destination, following the announcement (pdf) on Wednesday shares in the company soared 7.0 percent.
According to the company, the new casino development will have a budget of approximately 15.5 billion yuan (US$2.5 billion, MOP$20 billion). Construction will begin shortly on the Cotai Strip, which also features Sands China, and is expected to take up to 36 months.
MGM Cotai will feature 1,600 hotel rooms, 500 gaming tables, and 2,500 slot machines. 85 percent of the resort is to be filled by non-gaming attractions, including restaurants, shops, and presumably super-expensive entertainment venues.
One night in the existing MGM Macau’s cheapest hotel room costs 1,400 yuan. Attention public relations officers: Shanghaiist writers are extremely amenable to the idea of an all-expenses paid trip to MGM (or any posh casino in Macau) in return for writing glowing copy about how nice the place is.
