MGM
MIRAGE Announces Agreement for
Macau-Based Casino
LAS VEGAS
--
MGM MIRAGE announced today that it has entered into a joint
venture agreement with Pansy Ho Chiu-king to develop, build
and operate a major hotel-casino resort in Macau S.A.R.
The facility,
which will use the "MGM Grand" name, will be 50/50
owned and jointly operated by the two partners. The resort will
be located on a prime waterfront site next to the planned Wynn
Resorts facility and near the Lisboa hotel-casino, an area destined
to become the casino "Strip" of Macau. Design and
planning work has commenced and it is anticipated that the property
could open by late 2006.
The joint
venture will operate in Macau as an independent entity under
the terms of a subconcession. The agreement is subject to, among
other things, the approval of the government of Macau S.A.R.,
and other regulatory approvals, as well as the entry into a
subconcession agreement with Sociedade de Jogos de Macau (SJM),
the holder of the concession.
Pansy Ho is
managing director of Shun Tak Holdings Limited, a leading Hong
Kong-based conglomerate operating four core businesses -- shipping,
property, hospitality and investments.
Terry Lanni,
Chairman and Chief Executive Officer of MGM MIRAGE said: "We
are pleased to be entering the Macau market with our partner,
Pansy Ho, for whom we have the greatest respect. We have always
said we would like to participate in Macau under the right circumstances.
We are very excited about our joint venture with Pansy Ho."
Terry Lanni,
Chairman and Chief Executive Officer of MGM MIRAGE said: "We
are pleased to be entering the Macau market with our partner,
Pansy Ho, for whom we have the greatest respect. We have always
said we would like to participate in Macau under the right circumstances.
We are very excited about our joint venture with Pansy Ho."
In addition
to her position with Shun Tak Holdings, Pansy Ho is a director
of Sociedade de Turismo e Diversoes de Macau, S.A.R.L. and chairman
of Macau Tower Convention and Entertainment Centre. She is also
a committee member of the Chinese People's Political Consultative
Conference of Beijing, member of the executive committee of
All-China Federation of Industry and Commerce, executive vice
president of Guangdong Chamber of Foreign Investors, founding
honorary advisor and board director of The University of Hong
Kong Foundation for Educational Development and Research and
advisory council member of the Better Hong Kong Foundation.
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