MGM MIRAGE Hospitality, Diaoyutai State Guesthouse and Sinosteel Announce Major Project in Tianjin, China
18 Junho 2008 - 9:30AM
PR Newswire (US)
LAS VEGAS, June 18 /PRNewswire-FirstCall/ -- MGM MIRAGE
Hospitality, a subsidiary of MGM MIRAGE (NYSE:MGM), along with its
joint venture partner Diaoyutai State Guesthouse today announced
that they have executed definitive agreements with Sinosteel
International Plaza Co., Ltd. to provide development and management
services for a major mixed use project in Tianjin, China. The
project, to be called "Sinosteel International Plaza" will be built
in two phases, and will consist of two towers, including luxury
hotel, residential, conference and office components. Diaoyutai/MGM
Grand Hotel Management Co., Ltd. ("Diaoyutai/MGM Grand") will
develop and operate in the 88 floor main tower a 350 key luxury
hotel, to be called "MGM Grand Tianjin," a 50 suite "Skylofts at
MGM Grand," and 60 luxury MGM Grand condominium residences,
together with related spa, restaurant and ancillary facilities. MGM
Grand Tianjin is the first announced project of the joint venture
between China's renowned Diaoyutai State Guesthouse and MGM MIRAGE
Hospitality, which will manage branded luxury hotels and resorts in
major markets in China. Groundbreaking for the first phase of
Sinosteel International Plaza is expected later this month.
Sinosteel International Plaza, with MGM Grand as a key element,
will be a cornerstone of the Xiangluo Bay Project in Binhai New
District, a major development area in Tianjin. Tianjin is Beijing's
gateway city, and also a famous port city in Northern China, with
more than ten million people. MGM MIRAGE (NYSE:MGM), 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 50% investments in four other properties in
Nevada, New Jersey, Illinois and Macau. MGM MIRAGE is developing
major casino and non-casino resorts, separately and with partners
in Las Vegas, Atlantic City, the People's Republic of China and Abu
Dhabi, U.A.E. 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, EVP & 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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