MGM MIRAGE Signs Joint Venture Agreement With Mubadala Development Company
12 Abril 2007 - 10:30AM
PR Newswire (US)
LAS VEGAS, April 12 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
today announced it has signed a definitive agreement with Mubadala
Development Company, an investment and development vehicle
established and wholly owned by the Government of the Emirate of
Abu Dhabi, U.A.E., to create a new company to develop luxury
non-gaming hotels and resorts globally, initially targeting
locations in Abu Dhabi and Las Vegas. The formalization of this
agreement advances plans for the joint company to develop its own
hotel management platform and distinctive hotel brands and utilize
one or more of the powerful MGM MIRAGE brands. MGM MIRAGE, Mubadala
and the new company will provide management and development
services for these properties. "Mubadala Development Company is an
outstanding international business partner for our company," said
Terry Lanni, Chairman and Chief Executive Officer of MGM MIRAGE.
"As we turn our attention globally, seeking to expand the identity
of our brands in rapidly growing and emerging international
markets, we anticipate identifying additional opportunities to
build on the strengths of our two organizations. Now that we have
finalized the structure of our joint company, we can focus our
attention on identifying and implementing specific projects." HE
Khaldoon Khalifa Al Mubarak, Chief Executive Officer and Managing
Director of Mubadala, said: "The signing of this joint venture
marks Mubadala's entrance into the hospitality industry and
underlines the global aspirations of our strategy in this field. We
are very excited at the prospect of partnering with MGM MIRAGE,
widely recognized as one of the world's premier hospitality
companies. The joint company will leverage MGM MIRAGE's
unparalleled expertise in developing and operating world-class
hotels and resorts. The combination of MGM MIRAGE's operational
expertise and Mubadala's extensive resources will create a
formidable hotel company, which we plan to expand in our respective
markets and new international locations." MGM MIRAGE and Mubadala
Development Company first announced in December 2006 that the
companies were in discussions of this joint concept. MGM MIRAGE
(NYSE:MGM), one of the world's leading and most respected hotel and
gaming companies, owns and operates 19 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 an agreement to sell 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 Company is an
investment and development vehicle established and wholly owned by
the Government of the Emirate of Abu Dhabi -- UAE. 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 Libya. Stakes are also held in the Swiss
aircraft and engine services provider SR Technics (40%), the
Italian luxury car manufacturer Ferrari (5%), and Piaggio Aero
Industries (35%). In the United Arab Emirates and wider Gulf
region, Mubadala has invested in, and developed, a number of
leading projects including the first GCC cross-border natural gas
project, Dolphin Energy (51% majority stake), Aldar Properties, Abu
Dhabi Future Energy Company (Masdar), Tabreed, Abu Dhabi Ship
Building, Imperial College London Diabetes Centre in Abu Dhabi,
Injazat Data Systems and the Mukhaizna Oil Field developments in
Oman. Mubadala signed a joint development agreement with Dubai
Aluminium Company (DUBAL) to develop, construct, own and operate a
USD 8-billion world class green-field aluminium smelter complex
with 1.4-million tons capacity a year at the Khalifa Port and
Industrial Zone in Abu Dhabi. Mubadala and DUBAL are also
developing a US $5 billion smelter with a 700,000 tones capacity in
Algeria. Mubadala Development is also leading the development of
the UAE University's new campus in Al Ain City through a
public-private partnership initiative. For more information about
Mubadala Development, please visit the company's website at
http://www.mubadala.ae/ DATASOURCE: MGM MIRAGE CONTACT: Media, Alan
M. Feldman, Senior Vice President Public Affairs, +1-702-891-7147,
, or Investors, James J. Murren, President, Chief Financial Officer
& Treasurer, +1-702-693-8877, both of MGM MIRAGE Web site:
http://www.mubadala.ae/ Web site: http://www.mgmmirage.com/
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