MGM Macau is a 35-story, 600-room casino

Casino

In modern English, a casino is a facility which houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships or other tourist attractions...

 resort

Resort

A resort is a place used for relaxation or recreation, attracting visitors for holidays or vacations. Resorts are places, towns or sometimes commercial establishment operated by a single company....

 in Macau

Macau

Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...

 which officially opened on 18 December 2007. Under a sub concession approved by the Macau government

Gambling in Macau

Gambling in Macau has been legal since the 1850s when the Portuguese government legalized the activity in the colony. Since then, Macau has become known worldwide as the "Monte Carlo of the Orient"....

, the project is owned and operated as a 50-50 joint venture

Joint venture

A joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets...

 between MGM Resorts International and Pansy Ho Chiu-king, daughter of Macau casino magnate

Business magnate

A business magnate, sometimes referred to as a capitalist, czar, mogul, tycoon, baron, oligarch, or industrialist, is an informal term used to refer to an entrepreneur who has reached prominence and derived a notable amount of wealth from a particular industry .-Etymology:The word magnate itself...

 Stanley Ho

Stanley Ho

Stanley Ho, GBM, GLM, GBS, GML, OBE , also known as Ho Hung Sun, Stanley Ho Hung Sun, is an entrepreneur in Hong Kong and Macau. Ho is sometimes nicknamed "The King of Gambling", reflecting the government-granted monopoly he held of the Macau gambling industry for 40 years...

. The sub-concession is one of several examples of new construction following the end of the government-granted monopoly

Government-granted monopoly

In economics, a government-granted monopoly is a form of coercive monopoly by which a government grants exclusive privilege to a private individual or firm to be the sole provider of a good or service; potential competitors are excluded from the market by law, regulation, or other mechanisms of...

 held for decades by Stanley Ho.

Layout

Phase One of the casino floor accounts for 20620 m² (24,661.3 sq yd) square metres over two levels and wrapping around the Grande Praça; with table games and slot machine

Slot machine

A slot machine , informally fruit machine , the slots , poker machine or "pokies" or simply slot is a casino gambling machine with three or more reels which spin when a button is pushed...

s.

The property includes a convention space of 1452 m² (1,736.6 sq yd), including The Grand Ballroom of 807 square metre for business meetings, social events and weddings; and partner with Six Senses Spa to have a space of 2,720 square metre that includes 12 treatment areas.

MGM Macau also features a number of restaurant outlets, bars, and lounges. There are 12 food and beverage outlets in total.

IPO

On April 18, 2011 an Initial Public Offering was announced. Under the agreement, Pansy Ho Chiu-king, would receive a 29 percent stake in the company, MGM China Holdings Ltd, which has been created as a listing vehicle for the IPO. MGM Resorts would hold 51 percent and the public would receive 20 percent. The company raised $1.5 billion from its Initial Public Offering

Initial public offering

An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...

on the Hong Kong Stock Exchange at top price of the range.

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