Macau casino resort approval sparks rally in MGM China shares

MGM China, a venture between a Pansy Ho Chiu-king and MGM Resorts International, received formal government approval to build its second resort in Macau. The stock rose strongly.

The venture would pay a land premium of 1.29 billion patacas and annual rent of 2.15 million patacas to develop a five-star hotel and a casino resort, the government's gazette said yesterday.

The new project will give MGM China its first resort in Macau's Cotai area. The company joins other operators including Galaxy Entertainment and Sands China in expanding in the gambling hub.

via Business feed http://www.scmp.com/business/companies/article/1124230/macau-casino-resort-approval-sparks-rally-mgm-china-shares