MGM MIRAGE Signs Agreement with Diaoyutai State Guesthouse
Joint Projects in China
LAS VEGAS, NV, April 3, 2007. MGM MIRAGE (NYSE:MGM) announced today that it has signed a definitive agreement 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.
Feng, Shusen, Director General of the China Diaoyutai State Guesthouse, said: "The signing of our agreement with MGM MIRAGE marks the beginning of a strong partnership. Together, we will develop luxury non-gaming hotels and resorts, using the strength of our brands and our dedication to providing the finest in hospitality and service."
Terry Lanni, Chairman and Chief Executive Officer of MGM MIRAGE, said: "We are pleased to have reached a definitive agreement 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. We and our partners at Diaoyutai State Guesthouse are actively reviewing possible initial projects."
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