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Mississippi regulators approve Macau project

Friday, Feb. 18, 2005 | 11 a.m.

The Mississippi Gaming Commission has approved MGM Mirage's bid to develop a casino in Macau.

Regulators on Thursday voted unanimously to grant a waiver of approval for the company to enter a partnership to develop a resort hotel and casino complex with Pansy Ho, daughter of Macau gaming mogul Stanley Ho. The government of Macau must still approve a subconcession agreement allowing MGM Mirage to partner with Pansy Ho, but analysts say they don't expect any delays in approval.

In a note to investors, Deutsche Bank Securities Inc. gaming analyst Marc Falcone said Mississippi is the only U.S. jurisdiction that requires formal approval on gaming in Macau, but the company is consulting with regulators in other states on an informal basis.

MGM Mirage announced plans last year to partner with Pansy Ho on the project. The company said construction on the project would begin in the second quarter and opened in early 2007.

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