Article: MGM Mirage gets Stanley Ho's first gaming sub-concession

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 ...

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