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MGM China's (02282) gaming sub-concession extended
15 Mar 2019
(Infocast News) On 15 March 2019, the Sub-concession Extension Contract has been approved and authorized by the Macau Government and executed between Sociedade de Jogos de Macau, S.A. (SJMSA) - a subsidiary of SJM Holdings (00880) - and MGM Grand Paradise - a subsidiary of MGM China (02282) and is a sub-concessionaire of SJMSA, pursuant to which the gaming sub-concession of MGM Grand Paradise, which is due to expire on 31 March 2020, would be extended for a further period up to 26 June 2022 which coincides with the expiry date of other concessionaires and sub-concessionaires so that all the original gaming concessions and sub-concessions will expire at the same time.

MGM Grand Paradise shall pay the Macau Government MOP200 million (HK$194.17 million) upon signing of the Sub-concession Extension Contract as contract premium for such extension.

In addition, MGM Grand Paradise has agreed to participate in the Non-mandatory Central Provident Fund under Macau Law No. 7/2017 within three months from the date of signing of the Sub-concession Extension Contract.

On 15 March 2019, MGM Grand Paradise has also executed the MGM SJM Agreement with SJMSA, pursuant to which MGM Grand Paradise shall pay SJMSA an amount of MOP20 million (HK$19.42 million) in connection with the extension of the gaming sub-concession.

On the same date, SJMSA has executed the SJM Concession Extension Contract with the Macau Government to extend its gaming concession from 31 March 2020 up to 26 June 2022.

An application has been made to the Stock Exchange for resumption of trading in the shares of MGM China on the Stock Exchange with effect from 1:00 p.m. on 15 March 2019.

(WL)
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