MGM MIRAGE Signs JV Agreement with Mubadala
LAS VEGAS, NV, April 12, 2007. MGM MIRAGE (NYSE:MGM) today announced it has signed a definitive agreement with Mubadala Development Company, an investment and development vehicle established and wholly owned by the Government of the Emirate of Abu Dhabi, U.A.E., to create a new company to develop luxury non-gaming hotels and resorts globally, initially targeting locations in Abu Dhabi and Las Vegas.
The formalization of this agreement advances plans for the joint company to develop its own hotel management platform and distinctive hotel brands and utilize one or more of the powerful MGM MIRAGE brands. MGM MIRAGE, Mubadala and the new company will provide management and development services for these properties.
"Mubadala Development Company is an outstanding international business partner for our company," said Terry Lanni, Chairman and Chief Executive Officer of MGM MIRAGE. "As we turn our attention globally, seeking to expand the identity of our brands in rapidly growing and emerging international markets, we anticipate identifying additional opportunities to build on the strengths of our two organizations. Now that we have finalized the structure of our joint company, we can focus our attention on identifying and implementing specific projects."
HE Khaldoon Khalifa Al Mubarak, Chief Executive Officer and Managing Director of Mubadala, said: "The signing of this joint venture marks Mubadala's entrance into the hospitality industry and underlines the global aspirations of our strategy in this field. We are very excited at the prospect of partnering with MGM MIRAGE, widely recognized as one of the world's premier hospitality companies. The joint company will leverage MGM MIRAGE's unparalleled expertise in developing and operating world-class hotels and resorts. The combination of MGM MIRAGE's operational expertise and Mubadala's extensive resources will create a formidable hotel company, which we plan to expand in our respective markets and new international locations."
MGM MIRAGE and Mubadala Development Company first announced in December 2006 that the companies were in discussions of this joint concept.
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