MGM MIRAGE, announced today
that it has entered into a joint venture agreement with Pansy Ho Chiu-king
to develop, build and operate a major hotel-casino resort in Macau S.A.R.
The facility, which will use the “MGM Grand” name, will be 50/50 owned and
jointly operated by the two partners. The resort will be located on a
prime waterfront site next to the planned Wynn Resorts facility and near
the Lisboa hotel-casino, an area destined to become the casino “Strip” of
Macau. Design and planning work has commenced and it is anticipated that
the property could open by late 2006.
The joint venture will operate in Macau as an independent entity under the
terms of a subconcession. The agreement is subject to, among other things,
the approval of the government of Macau S.A.R., and other regulatory
approvals, as well as the entry into a subconcession agreement with
Sociedade de Jogos de Macau (SJM), the holder of the concession.
Pansy Ho is managing director of Shun Tak Holdings Limited,
a leading Hong Kong-based conglomerate operating four core businesses—
shipping, property, hospitality and investments.
Terry Lanni, Chairman and Chief Executive Officer of MGM MIRAGE said: “We
are pleased to be entering the Macau market with our partner, Pansy Ho,
for whom we have the greatest respect. We have always said we would like
to participate in Macau under the right circumstances. We are very excited
about our joint venture with Pansy Ho.”
In addition to her position with Shun Tak Holdings, Pansy Ho is a director
of Sociedade de Turismo e Diversoes de Macau, S.A.R.L. and chairman of
Macau Tower Convention and Entertainment Centre. She is also a committee
member of the Chinese People’s Political Consultative Conference of
Beijing, member of the executive committee of All-China Federation of
Industry and Commerce, executive vice president of Guangdong Chamber of
Foreign Investors, founding honorary advisor and board director of The
University of Hong Kong Foundation for Educational Development and
Research and advisory council member of the Better Hong Kong Foundation.
MGM MIRAGE , one of the world’s leading and most respected hotel and
gaming companies, owns and operates 12 casino resorts located in Nevada,
Mississippi, Michigan and Australia, and has investments in two other
casino resorts in Nevada and New Jersey. The company is headquartered in
Las Vegas, Nevada, and offers an unmatched collection of casino resorts
with a limitless range of choices for guests. Guest satisfaction is
paramount, and the company has approximately 40,000 employees committed to
that result. Its portfolio of brands include AAA Five Diamond award winner
Bellagio, MGM Grand Las Vegas—The City of Entertainment, The Mirage,
Treasure Island (“TI”), New York-New York, Boardwalk Hotel and Casino and
50 percent of Monte Carlo, all located on the Las Vegas Strip; Whiskey
Pete’s, Buffalo Bill’s, Primm Valley Resort and two championship golf
courses at the California/Nevada state line; the exclusive Shadow Creek
golf course in North Las Vegas; Beau Rivage on the Mississippi Gulf Coast;
and MGM Grand Detroit Casino in Detroit, Michigan. The Company is a
50-percent owner of Borgata, a destination casino resort at Renaissance
Pointe in Atlantic City, New Jersey. Internationally, MGM MIRAGE also owns
a 25 percent interest in Triangle Casino, a local casino in Bristol, UK.
The Company has entered an agreement to sell MGM Grand Australia in
Darwin, Australia pending finalization. For more information about MGM
MIRAGE, please visit the company’s website at http://www.mgmmirage.com/.