BEIJING, May 14, 2013 /PRNewswire/ -- China State
Construction Engineering Corporation, Ltd. (SSE: 601668) and MGM
Resorts International (NYSE: MGM) announced today that they have
entered into a Strategic Cooperation Agreement for global
development projects. The Agreement was executed in
Beijing by China State
Construction's Chairman Yi Jun and
James J. Murren, Chairman and Chief
Executive Officer of MGM Resorts International.
The Strategic Cooperation follows Monday's announcement by MGM
China Holdings Limited (HKSE: 2282) that it had entered into a
letter of intent to construct the MGM Cotai deploy with
subsidiaries of China State Construction. China State
Construction will serve as sole general contractor for the project,
which is expected to be complete in the first half of 2016.
The Strategic Cooperation Agreement creates a framework in which
MGM Resorts and China State Construction will also cooperate
globally on other projects. The arrangement includes China
Construction Americas, the North American arm of China State
Construction.
Mr. Murren said, "The MGM Cotai is a key project for our
Company, and we are thrilled to have the best partner for its
construction. China State Construction is a global
construction and real estate development powerhouse. Their
ability to deploy construction and development resources on a
global basis will provide us with a significant competitive
advantage in our development process. We intend to
pursue projects with China State not
only in Macau and China, but
elsewhere around the world."
Chairman Yi said, "We are very pleased to partner with MGM
Resorts on its iconic Cotai resort project on an exclusive
basis. MGM has an impressive development
pipeline. Our cooperation will compliment MGM's development
and construction efforts, while projecting China State's capabilities globally."
MGM Resorts International (NYSE: MGM) is one of the world's
leading global hospitality companies, operating a portfolio of
destination resort brands including Bellagio, MGM Grand, Mandalay
Bay and The Mirage. The Company also owns 51% of MGM China Holdings
Limited, which owns the MGM Macau resort and casino and is in the
process of developing a gaming resort in Cotai, and 50% of
CityCenter in Las Vegas, which
features ARIA resort and casino. For more information about
MGM Resorts International, visit the Company's website at
www.mgmresorts.com.
China State Construction, a Fortune 100 company, is the world's
largest construction and real estate company. The Company's core
businesses are building, real estate development, infrastructure,
designing and overseas operations. It is well known for undertaking
super high-rise, grand scale, cutting-edge and novel projects and
has built up a great number of prominent projects both in
the People's Republic of China and
throughout the world. For more information about China State
Construction, visit the Company's website at www.cscec.com.
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; China State Construction
Engineering Corporation, Ltd.