MGM MIRAGE Announces Agreement With Mubadala Development Company
06 Dezembro 2006 - 11:30AM
PR Newswire (US)
LAS VEGAS, Dec. 6 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
announced today that it and Mubadala Development Company of Abu
Dhabi, U.A.E., have signed a memorandum of understanding with the
aim of creating a strategic relationship to pursue non-gaming
related business opportunities. The intention is to create a joint
venture with the principal purpose of developing luxury non-gaming
hotels and resorts globally, but initially targeting locations in
Abu Dhabi, Las Vegas and the United Kingdom. The expectation is
that the joint venture will develop its own distinctive brand
identity and utilize one or more of MGM MIRAGE's powerful brands
and that MGM will provide management and development services. The
parties plan to enter into immediate negotiations with a view to
concluding a definitive joint venture agreement in the first
quarter of 2007. Terry Lanni, Chairman and Chief Executive Officer
of MGM MIRAGE, said: "We are pleased to be working with Mubadala
Development Company. We have a tremendous amount of respect for
Mubadala and all that it has accomplished. Our areas of cooperation
should provide significant opportunities to build on the strengths
of our two organizations and to expand our brand identity in
rapidly growing international markets." Khaldoon Al Mubarak, Chief
Executive Officer of Mubadala, said: "The hospitality sector is an
important evolution in our portfolio of strategic interests. As
with every sector in which we work, our aim is to identify the
right partner with the right performance track record, strategic
outlook and execution capabilities. MGM MIRAGE's record speaks for
itself. We are excited by the potential opportunities that the
relationship between our two organisations can create." MGM MIRAGE
(NYSE:MGM), one of the world's leading and most respected hotel and
gaming companies, owns and operates 23 properties located in
Nevada, Mississippi and Michigan, and has investments in three
other properties in Nevada, New Jersey and Illinois. The Company
has entered into agreements to sell its three Primm Valley Resort
properties located in Primm, Nevada and its Colorado Belle and
Edgewater properties located in Laughlin, Nevada. In addition, the
Company has major new developments under construction in Nevada,
Michigan and Macau S.A.R. CityCenter is a multi-billion dollar
mixed-use urban development in the heart of the Las Vegas Strip; a
new MGM Grand hotel and casino complex is being built in downtown
Detroit; and the Company has a 50% interest in MGM Grand Macau, a
hotel-casino resort currently under construction in Macau S.A.R.
MGM MIRAGE supports responsible gaming and has implemented the
American Gaming Association's Code of Conduct for Responsible
Gaming at its properties. MGM MIRAGE also has been the recipient of
numerous awards and recognitions for its industry-leading Diversity
Initiative and its community philanthropy programs. For more
information about MGM MIRAGE, please visit the company's website at
http://www.mgmmirage.com/. Mubadala Development is a Public Joint
Stock company, established and wholly owned by the Government of
the Emirate Abu Dhabi. Its mission is to invest in
commercially-viable, strategic, industrial and commercial
partnerships. The company manages a diversified portfolio of local,
regional, and international investments. International investments
include the Dutch fleet management giant LeasePlan Corporation (25%
stake), and a stake in nine oil exploration blocks in North Africa.
Mubadala has developed and invested in the first GCC cross-border
natural gas project, Dolphin Energy (51% majority stake) and also
has significant interests in the Mukhaizna Oil Field developments
in Oman. Domestically and regionally (GCC) Mubadala is responsible
for the development of Aldar Properties, The National Central
Cooling Company, Abu Dhabi Ship Building, The Imperial College
London Diabetes Center in Abu Dhabi, and Injazat Data Systems.
Mubadala Development prides itself on the creation of numerous
strategic alliances and associated projects. Current alliance
partners include: Rolls- Royce, Shell and Dubai Aluminum Company
(DUBAL). The company signed a joint development agreement with
DUBAL to develop, construct, own and operate a USD6-billion world
class green-field aluminum smelter complex with 1.2-million tone
capacity a year at the Khalifa Port and Industrial Zone in Abu
Dhabi. Mubadala Development is also leading the development of the
UAE University's new campus in Al Ain City through a public-private
partnership initiative. Stakes are also held in the Italian luxury
car manufacturer Ferrari (5%), Piaggio Aero Industries (35%), and
Spyker (17%). For more information about Mubadala Development,
please visit the company's website at http://www.mubadala.ae/.
DATASOURCE: MGM MIRAGE CONTACT: Investment Community, James J.
Murren, President, Chief Financial Officer & Treasurer,
+1-702-693-8877, or Media, Alan M. Feldman, Senior Vice President,
Public Affairs, +1-702-891-7147, both of MGM MIRAGE Web site:
http://www.mgmmirage.com/ http://www.mubadala.ae/
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