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Friday, August 24, 2007
Dubai World, the investment holding company of Dubai Government, plans to invest $5 billion in MGM Mirage, a leading Las Vegas-based real estate developer and entertainment company. Announcing the signing of definitive agreements between the two companies, Dubai World said it would invest $2.7 billion in CityCenter, a luxury urban metropolis being developed in Las Vegas, and up to $2.4 billion for purchases of MGM Mirage common stock. Under the agreement, the two companies will enter into a 50/50 joint venture in the landmark CityCenter hotels and condominiums development while Dubai World will acquire 9.5% stake or up to 28.4 million shares in MGM Mirage.
Sultan bin Sulayem, Chairman, Dubai World, said, "In seeking international expansion, we chose a partner who would complement our strengths in large-scale development as well as share our view of investing for the long-term. We were attracted by MGM Mirage's superior assets, locations, and brands".
MGM Mirage will continue to serve as developer of CityCenter. Upon completion, the joint venture will pay MGM Mirage a management fee to operate CityCenter's resort, development's retail activities and the Vdara condo-hotel tower. CityCenter features a Cesar Pelli-designed 4,000-room resort in addition to approximately 470,000 sq ft of retail and entertainment space, 2,650 luxury condominiums and condo-hotel units and two 400-room boutique hotels.
Sultan bin Sulayem, Chairman, Dubai World, said, "In seeking international expansion, we chose a partner who would complement our strengths in large-scale development as well as share our view of investing for the long-term. We were attracted by MGM Mirage's superior assets, locations, and brands".
MGM Mirage will continue to serve as developer of CityCenter. Upon completion, the joint venture will pay MGM Mirage a management fee to operate CityCenter's resort, development's retail activities and the Vdara condo-hotel tower. CityCenter features a Cesar Pelli-designed 4,000-room resort in addition to approximately 470,000 sq ft of retail and entertainment space, 2,650 luxury condominiums and condo-hotel units and two 400-room boutique hotels.
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