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Dubai Firm to Own Fifty-Percent of New CityCenter Project
Thursday, August 23, 2007
LAS VEGAS, Nevada -- MGM Mirage and Dubai World are forming a long-term strategic relationship whereby Dubai World will invest approximately $2.7 billion in CityCenter and up to $2.4 billion in purchases
MGM MIRAGE CityCenter of MGM Mirage common stock. The companies will enter into a 50/50 joint venture in the landmark CityCenter development in Las Vegas.
The joint venture, CityCenter Holdings LLC, will be owned equally by MGM Mirage and Infinity World Development Corp., a wholly-owned subsidiary of Dubai World. Upon closing, CityCenter Holdings LLC will own 100 percent of CityCenter, a mixed-use luxury residential, resort and retail complex currently being developed by MGM Mirage on the Las Vegas Strip.
MGM Mirage will continue to serve as developer of CityCenter and upon completion, the joint venture will pay MGM Mirage a management fee to operate CityCenter's resort casino as well as the development's retail activities and the Vdara condo-hotel tower.
"This is a transforming event for MGM Mirage and Las Vegas," said Terry Lanni, Chairman and CEO of MGM Mirage . "This partnership with Dubai World brings us a relationship with an internationally-respected developer of large- scale luxury properties that attract an international clientele. Dubai World's proficiency in real estate, combined with our company's operational expertise, strong brands and world-renowned resorts, creates competitive advantages that we believe will benefit all of our stakeholders. We are extremely pleased to be working with Dubai World. We have a tremendous amount of respect for Sultan Bin Sulayem and all that his company has accomplished.
"This transaction is immediately accretive to long term earnings and will have a profound impact on our balance sheet. Dubai World is making a significant investment in our company that will greatly increase our growth and earnings. We welcome Dubai World's long term commitment to our company through the joint venture and these share purchases," Mr. Lanni continued.
Sultan Bin Sulayem, Chairman of Dubai World said, "The announcement today brings together two companies known for creating landmark developments that have the ability to change the face of luxury living and destination tourism. 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. Terry Lanni and his management team have a proven ability to create extraordinary customer experiences that generate demand and earn customer loyalty.
"Our vision is to create a global portfolio of signature properties that will create value for generations to come. The unprecedented CityCenter will redefine the luxury lifestyle and incorporate world-class elements of fine art and design, fulfilling our goal of creating landmark developments while further expanding into the important U.S. real estate market. We look forward to making this project an international success and sharing in other opportunities for expansion with MGM Mirage," continued Sultan Bin Sulayem.
Targeted for completion in late 2009, CityCenter is a luxury urban metropolis defined by its dazzling vertical architecture rising from the Las Vegas Strip. CityCenter's design team includes many of the world's foremost architects such as Daniel Liebeskind, Lord Norman Foster, and Rafael Vinoly. The self-contained city-within-a-city will include:
* A dramatic Cesar Pelli-designed 4,000-room resort casino;
* Approximately 470,000 square-feet of retail and entertainment space;
* 2,650 luxury condominiums and condo-hotel units in multiple towers;
* Two 400-room non-gaming boutique hotels, one of which will be managed by luxury hotelier Mandarin Oriental.
MGM MIRAGE CityCenter of MGM Mirage common stock. The companies will enter into a 50/50 joint venture in the landmark CityCenter development in Las Vegas.
The joint venture, CityCenter Holdings LLC, will be owned equally by MGM Mirage and Infinity World Development Corp., a wholly-owned subsidiary of Dubai World. Upon closing, CityCenter Holdings LLC will own 100 percent of CityCenter, a mixed-use luxury residential, resort and retail complex currently being developed by MGM Mirage on the Las Vegas Strip.
MGM Mirage will continue to serve as developer of CityCenter and upon completion, the joint venture will pay MGM Mirage a management fee to operate CityCenter's resort casino as well as the development's retail activities and the Vdara condo-hotel tower.
"This is a transforming event for MGM Mirage and Las Vegas," said Terry Lanni, Chairman and CEO of MGM Mirage . "This partnership with Dubai World brings us a relationship with an internationally-respected developer of large- scale luxury properties that attract an international clientele. Dubai World's proficiency in real estate, combined with our company's operational expertise, strong brands and world-renowned resorts, creates competitive advantages that we believe will benefit all of our stakeholders. We are extremely pleased to be working with Dubai World. We have a tremendous amount of respect for Sultan Bin Sulayem and all that his company has accomplished.
"This transaction is immediately accretive to long term earnings and will have a profound impact on our balance sheet. Dubai World is making a significant investment in our company that will greatly increase our growth and earnings. We welcome Dubai World's long term commitment to our company through the joint venture and these share purchases," Mr. Lanni continued.
Sultan Bin Sulayem, Chairman of Dubai World said, "The announcement today brings together two companies known for creating landmark developments that have the ability to change the face of luxury living and destination tourism. 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. Terry Lanni and his management team have a proven ability to create extraordinary customer experiences that generate demand and earn customer loyalty.
"Our vision is to create a global portfolio of signature properties that will create value for generations to come. The unprecedented CityCenter will redefine the luxury lifestyle and incorporate world-class elements of fine art and design, fulfilling our goal of creating landmark developments while further expanding into the important U.S. real estate market. We look forward to making this project an international success and sharing in other opportunities for expansion with MGM Mirage," continued Sultan Bin Sulayem.
Targeted for completion in late 2009, CityCenter is a luxury urban metropolis defined by its dazzling vertical architecture rising from the Las Vegas Strip. CityCenter's design team includes many of the world's foremost architects such as Daniel Liebeskind, Lord Norman Foster, and Rafael Vinoly. The self-contained city-within-a-city will include:
* A dramatic Cesar Pelli-designed 4,000-room resort casino;
* Approximately 470,000 square-feet of retail and entertainment space;
* 2,650 luxury condominiums and condo-hotel units in multiple towers;
* Two 400-room non-gaming boutique hotels, one of which will be managed by luxury hotelier Mandarin Oriental.