As announced earlier this week, MGM Resorts is one of the successful bidders for a renewed licence to operate in Macau.
The company said in a press release yesterday that it plans to invest $2bn in its property there over the next 10 years.
MGM’s Grand Paradise, the concession holder of MGM China Holdings, is 56 per cent owned by MGM Resorts and it, like the other five concession holders, has a new 10-year licence.
Half of the money it will invest will be treated as capital expenditure and the remainder as an operating expense. Around 90 per cent of this spend will be earmarked for the development of international tourist markets and non-gaming projects to help drive diversification in the territory.
MGM China will also receive an additional 200 table games, raisng its total table count to 750.
Said Bill Hornbuckle, CEO of MGM Resorts International: “As Macau is entering a new milestone, we will continue to share our international network, experience and resources with the Macau team.
“Under the leadership of managing director Pansy Ho, together with our management team, I am confident that MGM China will demonstrate further strength in the integrated tourism and leisure industry and continue to make contributions to Macau.”