MGM MIRAGE announced today that it has entered into a joint venture agreement with Pansy Ho Chiu King to develop, build and operate a major hotel-casino resort in Macau's S.A.R.
The facility, which will use the name "MGM Grand," will own a 50/50 stake and will be jointly operated by the two partners. The resort will be located next to the planned Wynn Resort facility and on the main coastal site near the Lisboa Hotel-Casino, an area destined to become Macau's casino "strip." Design and planning work has begun, and the property is expected to open by the end of 2006.
The joint venture will operate as an independent enterprise in Macao under the terms of the dependent contract. The contract is subject to, among other things, approval from the Macau government and other regulatory approvals, and also to a subsidiary contract with Sociedad Jogos de Macao (SJM), which has a concession.
Pansy Ho is managing director of Shun Tak Holdings Limited, a leading Hong Kong-based conglomerate, and operates four core businesses: shipping, real estate, hospitality, and investment.
Terry Lanni, president and CEO of MGM MIRAGE, said, "We are delighted to enter the Macau market with our most respected partner, Pansy Ho. We have always said that we would like to participate in Macau under the appropriate circumstances. We are very excited about the joint venture with Pansy Ho."
Terry Lanni, president and CEO of MGM MIRAGE, said, "We are delighted to enter the Macau market with our most respected partner, Pansy Ho. We have always said that we would like to participate in Macau under the appropriate circumstances. We are very excited about the joint venture with Pansy Ho."
In addition to serving at Suntak Holdings, Hepansi is a director of S.A.R.L., Sociedad Turismo di Verso de Macau and president of the Macau Tower Convention Center. Hepansi also serves as a member of the Beijing People's Political Consultative Conference, executive member of the All-China Confederation of Commerce and Industry, permanent vice president of the Guangdong Foreign Investor Council, honorary advisor and director of the University of Hong Kong Educational Development Research Foundation, and better Hong Kong Foundation advisor. 온라인카지노