MGM Grand Paradise awarded 10-year gaming concession contract

(PRESS RELEASE) -- MGM Resorts International announced that MGM Grand Paradise the concession holder of MGM China Holdings Ltd. (2282 HK), which is 56% owned by MGM Resorts International, has been awarded a new 10-year gaming concession contract.

As part of the agreement, MGM China will invest approximately $2 billion over the next 10 years, approximately 50% of which is expected to be treated as capital expenditures and 50% as operating expense1. Approximately 90% of this spend will be earmarked for the development of international tourist markets and non-gaming projects and programming to drive diversification to the region. MGM China will also receive an additional 200 table games raising its total table count to 750, which will support future market share growth opportunity for our business.

Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International, said, "On behalf of MGM Resorts International, I would like to express my heartfelt gratitude to the Macao SAR government for giving us support and opportunity on the new gaming concession. We always believe in the strong potential of Macau. As Macau is entering a new milestone, we will continue to share our international network, experience and resources with the Macau team. Under the leadership of Managing Director Pansy Ho, together with our remarkable management team, I am confident that MGM China will demonstrate further strength in the integrated tourism and leisure industry and continue to make contributions to Macau."