|LAS VEGAS and PARADISE ISLAND, Bahamas, Nov. 16, 2007 -
-- MGM MIRAGE (NYSE: MGM) and Kerzner International Holdings Limited ("Kerzner"
or "Kerzner International") announced today that the companies have appointed
William Velardo as President and Chief Operating Officer of their 50/50
joint venture to develop a multi-billion dollar integrated resort property
on the Las Vegas Strip.
Velardo, who most recently led the Fontainebleau Las Vegas as President
and COO, is a 30 year veteran in the casino business, having gained industry
accolades in his role as President and CEO of the Mohegan Tribal Gaming
Authority, one of the most profitable casinos in North America. He will
be based in Las Vegas and report directly to the Board of the joint venture.
Sol Kerzner, Chairman and CEO of Kerzner International, observed: "I
have known Bill for many years and am confident we've chosen the best leader
for what we believe will become one of the most extraordinary projects
in Las Vegas. When we opened the doors of The Mohegan Sun, back in 1996,
Bill's talent and leadership led to unprecedented response from guests
and players. Thus began many years of incredible success and an industry
model that many still follow today. Bill is a true pro."
"We are very happy to have Bill Velardo on our team as we develop what
we believe will be one of the most exciting projects on the strip come
2012," said Terry Lanni, Chairman and CEO of MGM MIRAGE. "Bill's reputation
for successful development and operations of casinos from Las Vegas to
Connecticut to Atlantic City, gives us great confidence that his oversight
on this project will yield tremendous results and growth for the joint
Velardo began his gaming career as Vice President for Table Game Operations
at Mirage Resorts in 1989 followed by tenure as Senior Vice President of
Casino Operations and then President and Chief Operating Officer for Trump
Plaza in Atlantic City, New Jersey from 1991-1994. He served as General
Manager for the River City Joint Venture in New Orleans before serving
as President at the Mohegan Tribal Gaming Authority for ten years, where
he remained until 2006.
About MGM MIRAGE:
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 investments in three other properties in Nevada,
New Jersey and Illinois. MGM MIRAGE is the largest landholder on the Las
Vegas Strip, with significant undeveloped landholdings in both Las Vegas
and Atlantic City. http://www.mgmmirage.com.
KERZNER INTERNATIONAL HOLDINGS LIMITED, through its subsidiaries, is
a leading international developer and operator of destination resorts,
casinos and luxury hotels. Kerzner's flagship brand is Atlantis, which
includes Atlantis, Paradise Island, a 3,700-room ocean-themed destination
resort in The Bahamas. http://kerzner.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.