MGM MIRAGE Signs Agreement With Diaoyutai State Guesthouse for Joint Projects in China
03 Abril 2007 - 10:30AM
PR Newswire (US)
LAS VEGAS, April 3 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
announced today that it has signed a definitive agreement 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. Feng, Shusen, Director General of the China Diaoyutai
State Guesthouse, said: "The signing of our agreement with MGM
MIRAGE marks the beginning of a strong partnership. Together, we
will develop luxury non-gaming hotels and resorts, using the
strength of our brands and our dedication to providing the finest
in hospitality and service." Terry Lanni, Chairman and Chief
Executive Officer of MGM MIRAGE, said: "We are pleased to have
reached a definitive agreement 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. We and our partners at Diaoyutai State Guesthouse are
actively reviewing possible initial projects." MGM MIRAGE
(NYSE:MGM), one of the world's leading and most respected hotel and
gaming companies, owns and operates 22 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/. China Diaoyutai State Guesthouse,
located in the ancient Fishing Terrace complex in Beijing, is a
venue for important diplomatic activities of the leaders of China.
As the state guesthouse accommodating visiting Heads of State and
government, senior government officials and celebrities, it has
received more than 1000 Heads of State and government since its
inauguration nearly 50 years ago. Diaoyutai is an important site of
major intergovernmental conferences, and is world recognized for
its facilities and service. 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: Investors, 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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