MGM’s Arm to Invest $594M to Win Back Casino License in Macau
MGM China Holdings Ltd., the Chinese unit of the U.S. casino operator MGM Resorts International (NYSE:MGM), recently announced that it will invest around 4.8 billion patacas ($594 million) in the MGM Grande Paradise unit, its casino operator in Macau. The move comes as the company tries to abide by the new rules applicable for license renewals in the world’s biggest gambling hub, as licenses will expire at the end of this year. Macau updated its gambling laws earlier this year, with the objective to increase regulatory control and supervision. It also aims to bring companies’ operations in line with China’s national security interests, according to a Wall Street Journal report.
MGM’s Arm to Invest $594M to Win Back Casino License in Macau
MGM China Holdings Ltd., the Chinese unit of the U.S. casino operator MGM Resorts International (NYSE:MGM), recently announced that it will invest around 4.8 billion patacas ($594 million) in the MGM Grande Paradise unit, its casino operator in Macau. The move comes as the company tries to abide by the new rules applicable for license renewals in the world’s biggest gambling hub, as licenses will expire at the end of this year. Macau updated its gambling laws earlier this year, with the objective to increase regulatory control and supervision. It also aims to bring companies’ operations in line with China’s national security interests, according to a Wall Street Journal report.