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MGM Mirage became the third Las Vegas-based casino operator to begin construction of a gambling complex in Macau when the company broke ground today on a 600-room hotel-casino in the Chinese gaming enclave.
"Macau may be a small place, but it always thinks big," Terry Lanni, chairman and CEO of MGM Mirage, said Tuesday. "This is a fascinating part of the world, and we're very happy we are entering this dynamic new market and playing a role in this, yet another turning point in Macau's rich history. "
The $975 million MGM Grand Macau will be located on a waterfront site, which the company has called as the city-state's future casino Strip.
The groundbreaking took place around 8 p.m. Tuesday, Las Vegas time, which was 1 p.m. Wednesday in China.
The MGM Mirage property is near the Lisboa hotel-casino and an under construction gambling house being built by Wynn Resorts Ltd.
MGM Grand Macau will be jointly owned and operated by MGM Mirage and Chinese businesswoman Pansy Ho Chiu-king.
In April, MGM Mirage said the joint venture partnership had been granted a subconcession by the government of Macau that allowed development and operation of a hotel and casino complex.
The resort will include several restaurants and entertainment facilities and a casino with space for 300 table games and 1,000 slot machines.
In addition to MGM Mirage and Wynn Resorts, Las Vegas Sands Corp., operates the Sands Macau. The company plans to expand the property and plans to develop the Macau Venetian casino and six hotel properties on the nearby Cotai Strip area that will also include casinos.
Shares of MGM Mirage closed Tuesday at $38.09, up $1.59 or 4.36 percent.
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