MGM Leases 17.7 Acres In Macau For $161.4 MillionPlan Calls For Massive $2.5 Billion Casino To Be Built Within 60 Months |
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On Thursday, MGM Resorts International’s Chinese branch announced that it has finalized a deal for a piece of land that will be the site of its new full-scale Macau casino.
According to the Associated Press, the casino will cost $2.5 billion to build.
MGM signed a “lease agreement” with the Macau government for a total of $161.4 million. The contract is for a 25-year period and is renewable. The money is due in installments.
For the 17.7 acre plot of land, MGM is paying $2,247 per square meter.
In addition to the lease sum, MGM will pay annual rent to Macau authorities, which will rise to $681,453.75 once construction is finished.
According to the company press release, MGM will construct “a casino gaming resort with a truly unique MGM experience.” The property will have about 500 table games, 2,500 slot machines and 1,600 hotel rooms.
MGM already has one property in Macau, to go along with its U.S. chain of joints.
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