MGM Grand Paradise Planning Second Macau Project
LAS VEGAS, NV, February 14, 2007. MGM Grand Paradise, a 50/50 joint venture between MGM MIRAGE (NYSE:MGM) and Pansy Ho Chiu-king, today announced that it has been engaged in discussions with the Government of Macau S.A.R. concerning the development of its second major resort project in Macau. As a result of these discussions, MGM Grand Paradise will commence planning for a second resort and expects to submit plans for the new resort later this year. The project will be located on a prime identified site in Cotai.
"While we remain focused on completing our first resort project in Macau, we will initiate our planning efforts with respect to developing another world-class resort experience which will complement the MGM Grand Macau," said Terry Lanni, Chairman and Chief Executive Officer of MGM MIRAGE and Chairman of MGM Grand Paradise. "We look forward to sharing our vision for this project in the upcoming months."
Pansy Ho Chiu-king, Managing Director of MGM Grand Paradise, said, "We are honored by the confidence the Macau government has bestowed on our partnership. Our goal is to build a resort in Cotai that will continue to drive visitation to this dynamic marketplace and make Macau proud."
MGM Grand Paradise is currently developing its first resort, the MGM Grand Macau, located on a waterfront site on the Macau peninsula at the center of the Macau gaming industry. The resort will include approximately 600 rooms, suites and villas, 345 table games, 1,035 slot machines, several restaurants as well as additional entertainment amenities. The project cost, including land and license rights, preopening and capitalized interest, is budgeted at approximately USD $1.1 billion. Construction of the resort is well underway tracking for a scheduled opening in the fourth quarter of 2007.
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