LAS VEGAS, Feb. 21, 2012 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) announced today that its joint
venture, Diaoyutai MGM Hospitality Limited, has entered into an
agreement with Suning Real Estate Group, a subsidiary of Suning
Group, for the Suning Bellagio Shanghai Bund hotel as a part of a
strategic relationship between the companies for the development of
hotels within the People's Republic of China. Suning and
MGM Resorts have held the signing ceremony in China.
The hotel will be located on a prime site owned by Suning
on the Shanghai Bund and will be managed by Diaoyutai MGM
Hospitality Limited, MGM Resort's joint venture with Diaoyutai
State Guest House, which focuses on the development and management
of hospitality assets in the People's Republic of
China.
The hotel will feature approximately 200 rooms and world-class
retail and entertainment amenities, which is expected to be
completed in 2015.
MGM Resorts Chairman and CEO Jim
Murren said, "This strategic partnership with Suning further
extends our reach into China, one
of the fastest growing hospitality markets in the world. Along
with our Diaoyutai JV partners, we believe relationships like this
with Suning create new opportunities to expand our brand reach into
this strategically vital marketplace."
MGM Hospitality President Gamal
Aziz, who attended the signing ceremony, said, "We are
thrilled to announce the Shanghai Bund project as our initial hotel
with Suning. We believe that the hotel will be the centerpiece
of a unique property on one of the best sites in one of the
World's gateway cities."
About Suning Real Estate
Suning Real Estate, a subsidiary of Suning Group, is a large
real estate development group, whose businesses are focused on the
development of high end mixed-use projects, in the areas of
commercial, residential, tourism, industrial and logistics. Suning
Real Estate is currently planning and developing over eighty
Suning Plaza or Suning Appliance
Plaza series mixed-use projects in the major first and second tier
cities of China. Suning Real
Estate is aimed at finishing fifty large scale mixed-use
development projects and one hundred high-end hotels by 2020.
About MGM Hospitality
MGM Hospitality is a wholly owned subsidiary of MGM Resorts
International (NYSE: MGM), that was formed to operate hotels,
resorts and residences in key destinations around the world under
the brands Bellagio, MGM Grand and Skylofts. MGM Hospitality
specializes in creating captivating and celebrated destinations
that, through the interplay of design and innovative dining, retail
and spa offerings, infuse entertainment and excitement into every
element of the hospitality experiences we create and manage.
MGM Hospitality is focused on establishing our hotels and
resorts in all international gateway cities and prime resort
destinations around the world, with a pipeline that currently
includes projects in the Middle
East, North Africa,
India, and China. MGM
Hospitality also provides project management and development
services and shares the same commitment to sustainable building and
operations as our parent company MGM Resorts International. For
more information about MGM Hospitality, please visit the Company's
website at www.mgmhospitality.com.
About Diaoyutai MGM Hospitality
Diaoyutai MGM Hospitality, Ltd. is a joint venture between
Diaoyutai State Guesthouse of China, the highest standard service venue for
hosting foreign heads of state, and MGM Resorts International, the
top global luxury hotel group. The company is committed to
combining the brand advantages of its parent companies, to
optimizing the resource allocation, and to developing and operating
luxury five-star hotels and resorts around the world.
Statements in this release that 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.
SOURCE MGM Resorts International