MGM MIRAGE TO DEVELOP LUXURY NONGAMING HOTEL IN CHINA
MGM Mirage will develop the project in the northern coastal Chinese city along with partner Diaoyutai State Guesthouse under an agreement with Sinosteel International Plaza Co.
MGM Mirage said last week that it agreed to develop and operate a luxury hotel-and-office complex that will not include any gambling activities in
MGM Mirage will develop the project in the northern coastal Chinese city along with partner Diaoyutai State Guesthouse under an agreement with Sinosteel International Plaza Co., the company said in a news release.
The plan includes two towers and is to be completed in stages. Construction on an 88-story tower, which will include 110 residential units and a 350-room hotel, is to begin later this month, the statement said.
This is the first project the two groups have announced, and it’s the frontrunner to other joint hotel-and-resort projects in major cities across
That strategy is similar to what MGM Mirage is pursuing in
Under these kinds of deals, MGM Mirage usually does not own the properties but is paid a licensing fee, according to The Wall Street Journal.
Analysts cited in The Journal said MGM Mirage is likely to spin off its hospitality unit into a publicly traded company. The subsidiary is expected to announce more development deals in Asia, the Middle East, Europe and
MGM Grand currently operates casino and hotel projects in the former Portuguese colony of