MGM Grand Macau will open Dec 18 on the Macau peninsula, a 50 50 commercial joint venture, between Hong Kong businesswoman Pansy Ho and MGM Mirage. This will be the third opening, in Macau real estate, of a new luxury hotel casino in 2007.
Pansy Ho is the daughter of Stanley Ho, a Hong Kong billionaire who has been the driving force of Macau’s casino business for 40 years. Expanded gaming commerce has since been opened up by the government of the Special Administrative Region of the People’s Republic of China. Macau was a colony of Portugal for more than 400 years before being turned over to China in 1999.
This past February the Nevada gaming authorities approved the joint venture partnership between Pansy Ho and MGM Mirage.
Previous Macau casino openings include the Venetian Macau, a $2.4 billion casino, owned by Las Vegas Sands Corp., and the Crown Macau, a $585 million project, operated by Melco PBL from Australia. Side note: Crown Las Vegas is making its plans to develop their resort gaming project next to the Fontainebleau Las Vegas Resort.
The 600 room MGM Grand Macau, worth $1.25 billion, will offer 16 high end private gambling salons, 375 table games and 900 slot machines. The hotel will be split into three levels with a few shades of colored glass.
Over 6,000 workers will be employed at the MGM Grand Macau.
The resort will have a conservatory called the Grand Praca wich will be three times the size of the gardens at Bellagio Las Vegas and be an all glass ceiling. The architecture will be traditional Portuguese inspired.
Stanley Ho, an 86 year old billionaire, continues to grow his wealth by controlling Shun Tak Holdings, one of the largest publicly traded companies on the Hong Kong Stock Exchange.
Another joint venture between Pansy Ho and MGM Mirage is a hotel casino development, about five miles from the peninsula, on the Cotai Strip.
Believe it or not, in 2006 Macau made more money in the world from casino revenue, even more than the Las Vegas Strip. Source: Review Journal