and Jointly Operate a Major Hotel Casino
in Macau S.A.R.
|LAS VEGAS, June 21, 2004 - MGM MIRAGE, (NYSE: MGG) announced today
that it has entered into a joint venture agreement with Pansy Ho Chiu-king
to develop, build and operate a major hotel-casino resort in Macau S.A.R.
The facility, which will use the "MGM Grand" name, will be 50/50 owned and jointly operated by the two partners. The resort will be located on a prime waterfront site next to the planned Wynn Resorts facility and near the Lisboa hotel-casino, an area destined to become the casino "Strip" of Macau. Design and planning work has commenced and it is anticipated that the property could open by late 2006.
The joint venture will operate in Macau as an independent entity under the terms of a subconcession. The agreement is subject to, among other things, the approval of the government of Macau S.A.R., and other regulatory approvals, as well as the entry into a subconcession agreement with Sociedade de Jogos de Macau (SJM), the holder of the concession.
Pansy Ho is managing director of Shun Tak Holdings Limited (HKSE: HSTGY), a leading Hong Kong-based conglomerate operating four core businesses -- shipping, property, hospitality and investments.
Terry Lanni, Chairman and Chief Executive Officer of MGM MIRAGE said: "We are pleased to be entering the Macau market with our partner, Pansy Ho, for whom we have the greatest respect. We have always said we would like to participate in Macau under the right circumstances. We are very excited about our joint venture with Pansy Ho."
In addition to her position with Shun Tak Holdings, Pansy Ho is a director of Sociedade de Turismo e Diversoes de Macau, S.A.R.L. and chairman of Macau Tower Convention and Entertainment Centre. She is also a committee member of the Chinese People's Political Consultative Conference of Beijing, member of the executive committee of All-China Federation of Industry and Commerce, executive vice president of Guangdong Chamber of Foreign Investors, founding honorary advisor and board director of The University of Hong Kong Foundation for Educational Development and Research and advisory council member of the Better Hong Kong Foundation.
MGM MIRAGE one of the world's leading and most respected hotel and gaming companies, owns and operates 12 casino resorts located in Nevada, Mississippi, Michigan and Australia, and has investments in two other casino resorts in Nevada and New Jersey.
Statements in this release which are not historical facts are "forward looking" statements and "safe harbor statements" under the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including risks and/or uncertainties as described in the company's public filings with the Securities and Exchange Commission.
Diana S. Barber, Esq.
Barber Law Associates, P.C.
5925 Masters Club Drive
Suwanee, GA 30024
|Also See:||Wynn Macau to Include 600-room Hotel and 100,000-square-foot Casino; Expected to Cost $705 million / June 2004|
|Going Out In Style - Macau's Bela Vista Signals the End of an Era / April 1999|