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Article: MGM Mirage gets Stanley Ho's first gaming sub-concession
- Article from:
- Xinhua News Agency
- Article date:
- April 20, 2005
CopyrightCopyright 2005 Xinhua News Agency. Provided by ProQuest LLC. (Hide copyright information)
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MGM Mirage gets Stanley Ho's first gaming sub-concession
MACAO, April 20 (Xinhua) -- Casino mogul Stanley Ho on Tuesday
signed his first gaming sub-concession contract paving way for the
Las Vegas-based MGM Mirage to invest in casino projects in Macao.
MGM Mirage paid 200 million US dollars with other affiliated terms
to buy a 18-year sub-concession from the Macao Gaming Co. Ltd. (SJM)
owned by Stanley Ho through its 50-50 percent joint venture with Ho's
daughter Pansy Ho.
MGM pledged an investment of 900 million US dollars to build a
casino-hotel, which is slated for opening by the end of 2007. Under
the contract, MGM should not pay any commission to SJM from its
future revenues.
The ...