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MGM plans second Macau casino

In the latest of a series of moves which have seen major casino operators move into the Asian market, MGM Mirage has announced that it is planning to open a second resort in Macau.

A collaboration with Pansy Ho Chiu-king, daughter of casino mogul Stanley Ho, the MGM Grand Paradise will have an application submitted later this year, with senior MGM officials suggesting that future plans may allow for yet more expansion.

"Ultimately, we expect approval to be granted and believe MGM will be a strong competitor in Macau," said CIBC analyst David Katz, speaking to BusinessWeek.

Meanwhile MGM's fourth quarter profits rose from $97.8 million to $201.6 million in year-on-year terms, with net revenue rising by 11 per cent to $1.85 billion over the same period.

For Stanley Ho the move by his daughter comes after his sister Winnie had earlier offered to buyout Mr Ho's casino assets in return for what she perceived to be unpaid dividends.


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