The casino and 600-room hotel, located in downtown Macau, is owned by MGM Grand Paradise Ltd., a joint enture between MGM Mirage and Pansy Ho. Ho is the daughter of Stanley Ho, who monopolized Macau’s casino business for nearly a half century until 2001, when gaming licenses were put up for bid.
The resort features 600 rooms, suites and villas along with a casino featuring 375 table games, 900 slot machines and 16 private gaming salons for high rollers. The 35-story resort also includes convertible convention space, spa and swimming pool facilities, and a number of restaurants that feature international cuisine.
Despite representing just 5 percent of MGM Mirage’s EBITDA, the Macau resort has great strategic importance for the global gaming giant, said Carlton Geer, executive vice president of CB Richard Ellis Inc.’s Global Gaming Group.
“They want to prove that they can succeed in these emerging markets,” Geer (pictured) said.
Large U.S. hotel casino companies have made Macau, a special administrative region in China, a prime target for expansion. Las Vegas Sands now has two casinos in Macau, the Sands and The Venetian. Wynn Resorts opened the Wynn Macau in 2006. And more are on the horizon. According to a report in today’s Wall Street Journal, MGM Grand Paradise is looking to build a luxury hotel and casino on Cotai, where The Venetian is located.
This number of casinos should be easily absorbed, Geer said.
“China has three billion people, and an economy that is growing by 7 to 10 percent every year,” Geer said.
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source; commercialpropertynews.com
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