MGM MIRAGE and Mubadala Development Company Announce Plans to Develop Multi-Billion Dollar MGM Grand Abu Dhabi
07 Novembro 2007 - 11:29AM
PR Newswire (US)
Iconic mixed-use development to be first project of strategic
partnership LAS VEGAS, Nov. 7 /PRNewswire-FirstCall/ -- MGM MIRAGE
(NYSE:MGM) and Mubadala Development Company, a strategic investment
and development firm wholly-owned by the government of Abu Dhabi,
today announced plans to develop the MGM Grand Abu Dhabi, a
mixed-use development that will serve as an iconic gateway to Abu
Dhabi. The MGM Grand Abu Dhabi will be strategically located at a
prominent downtown waterfront site on Abu Dhabi Island. Once
completed, the MGM Grand Abu Dhabi will feature unparalleled views
of the city skyline as well as stunning panoramic views of the
waterfront. This initial phase will utilize 50 acres and consist of
an MGM Grand hotel and two additional MGM branded luxury hotels
each appealing to a distinct market segment. In total, more than
1,200 luxury guest accommodations will be developed in the first
phase. The development will also feature a major entertainment
facility, as well as high-end retail shops and world-class dining
and convention facilities. The development will also integrate a
variety of luxury residential offerings including waterfront
residences with private yacht berths. Mr Khaldoon Khalifa Al
Mubarak, Chief Executive Officer and Managing Director of Mubadala,
said, "This agreement is another exciting project in Mubadala's
property development portfolio of innovative and commercially
viable projects that contribute to the steady growth of Abu Dhabi's
society. MGM MIRAGE's experience and luxury brands compliment Abu
Dhabi's offering of the finest hospitality and entertainment
experiences for both residents and tourists." The cost of the
project is expected to be approximately US $3 billion, will be
wholly owned by Mubadala and is anticipated to open in 2012. The
MGM Grand Abu Dhabi will be the initial project of the newly formed
strategic relationship between MGM MIRAGE and Mubadala. MGM MIRAGE
Hospitality, a wholly owned subsidiary of MGM MIRAGE will serve as
developer of the project and will brand the hotel properties and
manage the development once open. "Today's announcement reflects
MGM MIRAGE's strategy to further our brand reach internationally,"
said Terry Lanni, Chairman and CEO of MGM MIRAGE. "This magnificent
development will leverage the capital resources and asset
management proficiency of Mubadala with the world-renowned
expertise of MGM MIRAGE in design, development and operation of
exciting destination resorts. "We are thrilled that our first
project with Mubadala will create a destination and icon for Abu
Dhabi. We see tremendous potential for this development and we are
confident that this will be the first of many successful ventures
with our Mubadala partners," said Mr. Lanni Mubadala and MGM MIRAGE
will continue to work together to pursue other real estate and
hospitality opportunities on a project-by-project basis. These may
take the form of development/management agreements, joint ventures
and other forms of cooperation to be determined by the companies.
The project has been designed in line with the comprehensive urban
plan, Plan Abu Dhabi 2030, recently announced to guide the
sustainable development and ongoing evolution of Abu Dhabi as a
global city. Abu Dhabi is witnessing some of the most extensive
real estate and hospitality developments in the world, as part of
the overall tourism strategy for the Emirate. Currently under
development are world-class attractions including the Guggenheim
Abu Dhabi and the Louvre Abu Dhabi on Saadiyat Island, as well as
leading hotels and world-class attractions on Yas Island, the new
home of the Formula 1 Grand Prix. Every aspect of the Emirate's
tourism strategy and its implementation works towards strengthening
the reputation of Abu Dhabi as an exclusive, high- end tourist
destination. Delivering the highest quality in travel,
accommodation, tourist attractions and importantly, business
facilities, is central to achieving that vision. About Mubadala
Development Company: Mubadala is a strategic investment and
development company headquartered in Abu Dhabi, the capital of the
United Arab Emirates. Mubadala's mission is to create and maximize
long-term returns as an engaged investor in high performing
businesses and promising new ventures that will benefit partners,
the Emirate of Abu Dhabi and its people. The company currently
employs over 250 staff and is a principal investor in, and manager
of, large-scale industry-leading ventures with significant
interests in energy, heavy industry, telecommunications,
infrastructure and aerospace. Mubadala also manages a growing and
diversified international portfolio with stakes in global
operations including the US private equity firm Carlyle Group,
Dutch fleet management giant LeasePlan Corporation and Italian car
manufacturer Ferrari. Mubadala's joint ventures and wholly-owned
companies are designed to generate strong financial returns for its
partners as well as provide outstanding service and products for
customers. MGM MIRAGE (NYSE:MGMNYSE:-NYSE:News), one of the world's
leading and most respected development companies with significant
holdings in gaming, hospitality and entertainment, owns and
operates 17 properties located in Nevada, Mississippi and Michigan,
and has investments in three other properties in Nevada, New Jersey
and Illinois. MGM MIRAGE is the largest landholder on the Las Vegas
Strip, with significant undeveloped landholdings in both Las Vegas
and Atlantic City. The Company recently opened MGM Grand Detroit, a
major new resort; and will open another, MGM Grand Macau, before
the end of the year. Also under development is CityCenter, a
multi-billion dollar mixed-use urban development in the heart of
the Las Vegas Strip. The Company has entered into an agreement with
a subsidiary of Dubai World whereby MGM MIRAGE will contribute the
CityCenter assets into a newly formed joint venture equally owned
by the parties valued at $5.4 billion. MGM MIRAGE has signed a
definitive agreement with Kerzner International Holdings Limited
and Istithmar Hotels FZE to develop a new multi-billion dollar
integrated resort property on the Las Vegas Strip. The Company has
a separate definitive agreement with the Diaoyutai State Guesthouse
in Beijing forming a strategic relationship to pursue non-gaming
business opportunities in the People's Republic of China. MGM
MIRAGE supports responsible gaming and has implemented the American
Gaming Association's Code of Conduct for Responsible Gaming at its
properties. MGM MIRAGE has received 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, Dan D'arrigo, Chief Financial
Officer, +1-702-693-8895, or Media, Alan M. Feldman, Senior Vice
President of Public Affairs, +1-702-650-6947, , both of MGM MIRAGE
Web site: http://www.mgmmirage.com/
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