MGM's $2.5B Macau Land Deal Passes Final Gov't Hurdle

Law360, New York (October 18, 2012, 12:42 PM EDT) -- Global gaming empire MGM Resorts International can move ahead on its $2.5 billion casino in China after the company formalized a land concession Thursday, keeping pace with an expansion by rival Wynn Resorts Ltd.

MGM said that it has formally accepted the conditions offered to it in May by officials in Macau, the small, fast-growing Chinese island where gambling is legal. Under the agreement, MGM will pay $56 million to lease a 17.8-acre site, the home of its second casino in China.

“We are extremely appreciative...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.