MGM Mirage does Macau

MGM Mirage the world's second-largest gaming company, said Tuesday that its joint venture partnership with Pansy Ho Chiu-king has been granted a subconcession, allowing the partnership to develop and operate hotel and casino resorts in Macau.

The initial project, to be called MGM Grand Macau, will be located on a waterfront site next to the planned Wynn Resorts facility and near the Lisboa hotel-casino.

The MGM Grand Macau project will include the development of a resort featuring about 600 rooms, suites and villas, a casino including 300 table games and 1,000 slot machines, several restaurants and entertainment facilities.

Pansy Ho is managing director of Shun Tak Holdings Ltd., a Hong Kong-based conglomerate operating shipping, property, hospitality and investment businesses.

In addition to her position with Shun Tak Holdings, Pansy Ho is chairman of the Macau Tower Convention and Entertainment Centre.

MGM Mirage shares rose $1.27 to $71 in morning trading on the New York Stock Exchange.