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News Summary: MGM China gets 2nd Macau casino

(AP) - JACKPOT: The Chinese arm of MGM Resorts International won official approval for its new Macau casino-resort, putting it a step closer to catching up with rivals in the world's most lucrative gambling market.

WINNING BETS: Macau is an increasingly important profit source for foreign operators like Las Vegas Sands Corp. and Wynn Resorts Ltd. Revenues from its three dozen casinos are about six times the amount on the Las Vegas Strip.

LUCKY LADY: MGM China is a joint venture between MGM Resorts and Pansy Ho, daughter of Macau casino kingpin Stanley Ho, who formerly held a monopoly on running casinos.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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