More Macau Casinos
Macau’s SJM Holdings gets long-awaited land deal for new
casino in world’s top gambling market
By Associated Press, Updated: Saturday, October 20
HONG KONG — Casino operator SJM Holdings says it
has signed a deal to buy land for a new casino in Macau, the world’s biggest
gambling market, giving it a chance to catch up with its rivals’ rapid
expansion.
The company founded by billionaire Stanley Ho said late Friday that it has
accepted a contract to buy a plot of land in Cotai, the district earmarked for
all future casino expansion in the former Portuguese colony.
SJM is paying nearly $270 million for the land, on which it plans to build a
2,000-room hotel and casino with about 700 gambling tables and 1,000 slot
machines. It said construction would take up to three years but did not say how
much the project would cost.
After ending Ho’s 40-year casino monopoly about a decade ago, Macau’s casino
revenues have surged due to an influx of high-rolling Chinese gamblers. The
semiautonomous region, which is the only place in China where casinos are legal,
raked in $33.5 billion last year in gambling revenue, more than five times the
amount earned on the Las Vegas Strip.
The deal means SJM will be able to catch up with rival operators that have
invested billions in new megaresorts in Cotai, an area of reclaimed land. The
company operates 20 casinos already in Macau but most are small.
Las Vegas-based MGM Resorts International’s Macau unit also announced this
past week that it received land in Cotai for a planned $2.5 billion casino
resort. Earlier this year, U.S. casino magnate Steve Wynn received approval for
his first resort on Cotai. The Macau arm of billionaire Sheldon Adelson’s casino
company, Las Vegas Sands Corp., already operates three resorts on Cotai and is
planning a fourth.
http://www.washingtonpost.com/business/macaus-sjm-holdings-gets-long-awaited-land-deal-for-new-casino-in-worlds-top-gambling-market/2012/10/20/a960eefa-1a7c-11e2-ad4a-e5a958b60a1e_story.html
Here's MGM's deal --
AFP RELAXNEWS
Friday, October 19, 2012,
Read more:
http://www.nydailynews.com/life-style/mgm-china-build-new-2-5-billion-macau-casino-article-1.1187521#ixzz29rd0wEh4
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