An extension to MGM’s sub-concession in Macau to June 2022 has been announced by the company.
MGM Grand Paradise, a subsidiary of MGM China, has agreed the extension with the Macau authorities to continue the sub-concession after its expiration on March 31 next year. This brings the company into line with all of the other concessionaires and sub-concessionaires - they all expire on June 26, 2022.
Jim Murren, chairman and CEO of MGM Resorts, said: "We continue to believe in the long-term success of Macau. As the region continues to grow into an international leisure and tourism destination, MGM China remains committed to supporting this vision through our one-of-a-kind experiences in art, entertainment and diverse food and beverage programming, as well as our stunning Mansion villas at MGM Cotai, which open later this month."
MGM Grand Paradise will pay the Macau government US$24.7m upon sigining the extension agreement as a contract premium.