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News for the Hospitality Executive |
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| LAS VEGAS, May 29, 2007 - MGM MIRAGE (NYSE: MGM) announced
today the formation of MGM MIRAGE Hospitality, LLC, a new corporate subsidiary
principally focused on extending the company's renowned hotel brands and
developing new luxury hotel brand concepts for destinations in the U.S.
and abroad.
MGM MIRAGE Hospitality will initially work with recently announced joint venture partners Mubadala Development Company of Abu Dhabi and Diaoyutai State Guesthouse of Beijing to explore hospitality business opportunities in various international markets. Currently, the new entity is exploring opportunities in Abu Dhabi, the United Kingdom and Las Vegas with Mubadala, and in the People's Republic of China with Diaoyutai. The MGM MIRAGE joint venture relationship with the Mashantucket Pequot Tribal Nation will also fall under the auspices of this newly formed subsidiary. "Our company is very optimistic about the growth potential of our new international relationships," said Terry Lanni, Chairman and CEO of MGM MIRAGE. "We hold in our company portfolio some of the best-known, most highly regarded luxury hotel brands in the world. We can also benefit from the enormous wealth of development experience our team can bring to new concepts. We feel confident that experienced world travelers will be eager to experience our trademark hospitality in world cities beyond our existing gaming destinations." In addition to his duties as President & Chief Operating Officer of MGM Grand Las Vegas, Gamal Aziz has been named to lead this new subsidiary as President and Chief Executive Officer of MGM MIRAGE Hospitality, LLC. "Gamal is uniquely qualified to lead our growth and brand expansion internationally," Mr. Lanni continued. "His knowledge of worldwide luxury hotel operations and development, combined with his record in delivering quality resort products and guest services will drive our efforts as we pursue new global development opportunities." Mr. Aziz possesses extensive hotel and gaming resort management experience and is recognized as a leader in the hospitality industry. He was appointed in 2001 as President and COO of MGM Grand Las Vegas and has overseen a dramatic multi-year evolution of the property. Under his leadership, MGM Grand garnered more AAA Diamond awards in 2007 than any other resort in the world, among them AAA Five Diamond designations for both the luxurious SKYLOFTS all-suite hotel and the eponymous Joel Robuchon restaurant. Mr. Aziz was named "Nevada Hotelier of the Year" in 2005 and was named one of the "Top 10 Most Influential People in Las Vegas" by the Las Vegas Review-Journal newspaper in 2006. Previously, Mr. Aziz served as Senior Vice President of Food and Beverage at Bellagio, playing a significant role in the development and opening of that resort. Mr. Aziz has also served in senior management positions with some of the nation's most prominent hotel and gaming properties, including Caesars Palace Las Vegas, the Plaza in New York and the St. Francis in San Francisco. Mr. Aziz received his Bachelor of Science in Business Administration from the University of Cairo in Egypt. MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected hotel and gaming companies, owns and operates 19 properties located in Nevada, Mississippi and Michigan, and has investments in three other properties in Nevada, New Jersey and Illinois. The Company has entered into an agreement to sell its Colorado Belle and Edgewater properties located in Laughlin, Nevada. In addition, the Company has major new developments under construction in Nevada, Michigan and Macau S.A.R. CityCenter is a multi-billion dollar mixed-use urban development in the heart of the Las Vegas Strip; a new MGM Grand hotel and casino complex is being built in downtown Detroit; and the Company has a 50% interest in MGM Grand Macau, a hotel-casino resort currently under construction in Macau S.A.R. MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE also has been the recipient of 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. |
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