“We are grateful for the support of the Macao government to have authorized and extended our sub-concession to now align with the rest of the market,” said Jim Murren, Chairman and Chief Executive Officer of MGM Resorts and Chairperson of MGM China. “We continue to believe in the long-term success of Macao. 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 Resorts International announced today that on 14 mars 2019, MGM Grand Paradise Limited , a wholly owned subsidiary of MGM China Holdings Limited ), an indirect majority-owned subsidiary of MGM Resorts, and Sociedade de Jogos de Macao, S.A.entered into a Sub-Concession Extension Contract (the “Extension Agreement”), pursuant to which the gaming sub-concession of MGM Grand Paradise, which is due to expire on 31 mars 2020, would be extended to 26 juin 2022, which coincides with the expiration date of all the other concessionaires and sub-concessionaires.
In connection with the extension, MGM Grand Paradise will pay the government of Macao MOP200 million (equivalent to approximately Millions de 194.17 HK $ or US 24.73 millions de dollars) upon signing of the Extension Agreement as contract premium for such extension.
En outre, sur 14 mars 2019, MGM Grand Paradise also executed the MGM SJM Agreement with SJMSA, pursuant to which MGM Grand Paradise shall pay SJMSA an amount of MOP20 million (equivalent to approximately Millions de 19.42 HK $ or US 2.47 millions de dollars) in connection of the extension of the sub-concession