LAS VEGAS, June 18 /PRNewswire-FirstCall/ -- MGM MIRAGE Hospitality, a
subsidiary of MGM MIRAGE (NYSE: MGM), along with its joint venture partner
Diaoyutai State Guesthouse today announced that they have executed
definitive agreements with Sinosteel International Plaza Co., Ltd. to
provide development and management services for a major mixed use project
in Tianjin, China. The project, to be called "Sinosteel International
Plaza" will be built in two phases, and will consist of two towers,
including luxury hotel, residential, conference and office components.
Diaoyutai/MGM Grand Hotel Management Co., Ltd. ("Diaoyutai/MGM Grand") will
develop and operate in the 88 floor main tower a 350 key luxury hotel, to
be called "MGM Grand Tianjin," a 50 suite "Skylofts at MGM Grand," and 60
luxury MGM Grand condominium residences, together with related spa,
restaurant and ancillary facilities.
MGM Grand Tianjin is the first announced project of the joint venture
between China's renowned Diaoyutai State Guesthouse and MGM MIRAGE
Hospitality, which will manage branded luxury hotels and resorts in major
markets in China.
Groundbreaking for the first phase of Sinosteel International Plaza is
expected later this month. Sinosteel International Plaza, with MGM Grand as
a key element, will be a cornerstone of the Xiangluo Bay Project in Binhai
New District, a major development area in Tianjin. Tianjin is Beijing's
gateway city, and also a famous port city in Northern China, with more than
ten million people.
MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected
development companies with significant holdings in gaming, hospitality and
entertainment, owns and operates 17 properties located in Nevada,
Mississippi and Michigan, and has 50% investments in four other properties
in Nevada, New Jersey, Illinois and Macau. MGM MIRAGE is developing major
casino and non-casino resorts, separately and with partners in Las Vegas,
Atlantic City, the People's Republic of China and Abu Dhabi, U.A.E. MGM
MIRAGE supports responsible gaming and has implemented the American Gaming
Association's Code of Conduct for Responsible Gaming at its properties. MGM
MIRAGE has received numerous awards and recognitions for its
industry-leading Diversity Initiative and its community philanthropy
programs. For more information about MGM MIRAGE, please visit the company's
website at http://www.mgmmirage.com.
Statements in this release which are not historical facts are "forward
looking" statements and "safe harbor statements" under the Private
Securities Litigation Reform Act of 1995 that involve risks and/or
uncertainties, including risks and/or uncertainties as described in the
company's public filings with the Securities and Exchange Commission.
SOURCE MGM MIRAGE
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Related links:
http://www.mgmmirage.com
CONTACT:
Investment Community, Dan D'Arrigo, EVP &
Chief Financial Officer, +1-702-693-8895, or Media, Alan M.
Feldman, Senior Vice President of Public Affairs,
+1-702-650-6947, both of MGM MIRAGE
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