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MGM Mirage's Luxury Subsidiary Eyes China
June 1, 2007 |
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MGM Mirage has announced the formation of MGM Mirage Hospitality, a new corporate subsidiary that will have some focus on the company's China investments.
MGM Mirage Hospitality will initially work with recently announced joint venture partners Mubadala Development Company of Abu Dhabi and Diaoyutai State Guesthouse of Beijing to explore hospitality business opportunities in various international markets.
Currently, the new entity is exploring opportunities in Abu Dhabi, the United Kingdom and Las Vegas with Mubadala, and in the People's Republic of China with Diaoyutai. The MGM Mirage joint venture relationship with the Mashantucket Pequot Tribal Nation will also fall under the auspices of this newly formed subsidiary.
"Our company is very optimistic about the growth potential of our new international relationships," said Terry Lanni, chairman and CEO of MGM Mirage. "We hold in our company portfolio some of the best-known, most highly regarded luxury hotel brands in the world. 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 destinations."
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