MGM Mirage has formed a subsidiary called
MGM Mirage Hospitality that will focus specifically on developing a
new luxury hotel brand. The subsidiary also will develop MGM
Mirages existing brands, which include the Bellagio and Mirage, in
the U.S. and overseas.
In announcing the
subsidiary, MGM Mirage said Gamal Aziz, president and COO of the
MGM Grand Las Vegas, will also serve as president and CEO of MGM
Mirage Hospitality, which has already begun work on two projects
previously announced by MGM Mirage.
include a partnership with Mubadala Development Co. to develop
non-gaming hotels in Dubai, among other places, as well as a
similar agreement with Diaoyutai State Guesthouse in
Hospitality will also spearhead another joint venture that aims to
develop properties with the Mashantucket Pequot Tribal Nation which
owns the Foxwoods Resort Casino in Ledyard, Conn.
"Our company is
very optimistic about the growth potential of our new international
relationships. We hold in our company portfolio some of the
best-known, most highly regarded luxury hotel brands in the world,"
said Terry Lanni, Chairman and CEO of MGM Mirage, in a statement.
"We can also benefit from the enormous wealth of development
experience our team can bring to new concepts. We feel confident
that experienced world travelers will be eager to experience our
trademark hospitality in world cities beyond our existing gaming
Mirage is busy with several other projects, including considering a
proposal by Tracinda Corp., its majority shareholder, to buy both
the Bellagio Hotel and Project City Center, a multi-billion dollar,
mixed-use urban development now in development on the Las Vegas
MGM Mirage is
also involved in several other joint ventures including one that
intends to develop a 166-acre mixed-use property 25 miles south of
Las Vegas, close to the planned Ivanpah Valley Airport, and another
$160 million mixed-use project now under development on an 80-acre
site on the southeast corner of Las Vegas Boulevard.
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