MGM China's new $3.1b Macau casino approved by government

Link: http://www.straitstimes.com/breaking-news/money/story/mgm-chinas-new-macau-casino-approved-government-20130109

HONG KONG (REUTERS) - A US$2.5 billion (S$3.1 billion) Macau casino
planned by MGM China, the Chinese arm of US gambling giant MGM Resorts
International, received government approval on Wednesday, sending
shares of MGM China to an 18-month high.

The announcement in Macau's official gazette comes after MGM said in
October it would pay the government 450 million patacas (S$69.3
million) as an initial instalment to lease the land.

The project still requires various construction approvals before
building can start.

MGM competes in Macau, the world's largest gambling destination,
against other US rivals like Sands China and Wynn Macau.