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Macau government extends MGM Resorts license to 2022

Associated Press

LAS VEGAS (AP) — MGM Resorts International has been authorized to continue operating casinos in the Chinese gambling enclave of Macau.

The company says the Macau government extended the gambling license of its China unit to June 2022. The casino giant will pay the government $24.7 million.

Macau is the world's biggest gambling market and the only place in China where casinos are legal.

MGM's license was set to expire March 2020. Its new expiration date now coincides with that of the city's other casino operators.

The operators will face the first renewal process since a gambling monopoly ended in 2002, allowing in foreign companies, which also include U.S.-based Las Vegas Sands and Wynn Resorts.

MGM operates two casino-resorts in Macau, including the lavish MGM Cotai, which opened last year.