MGM MIRAGE in Discussions With Diaoyutai State Guesthouse for Joint Projects in China
13 Dezembro 2006 - 10:00AM
PR Newswire (US)
LAS VEGAS, Dec. 13 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
announced today that it is in advanced discussions with the
Diaoyutai State Guesthouse in Beijing, People's Republic of China
aimed at creating a strategic relationship to pursue non-gaming
business opportunities. The parties intend to create a joint
venture to develop luxury non-gaming hotels and resorts globally,
initially targeting locations in the People's Republic of China.
The expectation is that the joint venture will develop its own
distinctive brand identity, associating "MGM Grand" with
"Diaoyutai" to create unique luxury hotel resorts and related
facilities. The parties hope to conclude a definitive joint venture
agreement in the first quarter of 2007. Terry Lanni, Chairman and
Chief Executive Officer of MGM MIRAGE, said: "We are honored to be
working with the Diaoyutai State Guesthouse, an institution which
has a unique role in the People's Republic of China. The
"Diaoyutai" brand is world-renowned. We believe that the
association of "MGM Grand" and "Diaoyutai" will provide significant
opportunities to build on the strengths of our two organizations
and to expand our brand identity in rapidly growing international
markets." 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/.
Statements in this release which are not historical facts are
"forward looking" statements and "safe harbor statements" under the
Private Securities Litigation Reform Act of 1995 that involve risks
and/or uncertainties, including risks and/or uncertainties as
described in the company's public filings with the Securities and
Exchange Commission. 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/
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