MGM Mirage in China Joint Venture
DECEMBER 14, 2006. MGM Mirage is in advanced discussions with the Diaoyutai State Guesthouse in Beijing, People's Republic of China aimed at creating a strategic relationship to pursue non-gaming business opportunities.
The parties intend to create a joint venture to develop luxury non-gaming hotels and resorts globally, initially targeting locations in the People's Republic of China.
The expectation is that the joint venture will develop its own distinctive brand identity, associating "MGM Grand" with "Diaoyutai" to create unique luxury hotel resorts and related facilities.
The parties hope to conclude a definitive joint venture agreement in the first quarter of 2007.
Terry Lanni, Chairman and Chief Executive Officer of MGM MIRAGE, said: "We are honored to be working with the Diaoyutai State Guesthouse, an institution which has a unique role in the People's Republic of China. The "Diaoyutai" brand is world-renowned. We believe that the association of "MGM Grand" and "Diaoyutai" will provide significant opportunities to build on the strengths of our two organizations and to expand our brand identity in rapidly growing international markets."
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