News for the Hospitality Executive
LAS VEGAS, April 21, 2010 -- MGM MIRAGE (NYSE: MGM) has announced that its Board of Directors will submit to its shareholders a proposal to rebrand the company as MGM Resorts International. This brand evolution would preserve the Company's connection to its renowned entertainment legacy while more accurately reflecting its collection of signature resorts and its global reach.
Subject to shareholder approval at the annual meeting on June 15, the company will assume the MGM Resorts International name immediately.
"MGM Resorts International better represents the global presence our company has today and the vision we see for its future. At the same time, it is imperative that we maintain a connection to the historic past associated with the iconic MGM name, one of the most established brands in the entertainment industry," said Jim Murren, Chairman and CEO of MGM MIRAGE. "We believe this change will positively impact how customers, investors and the public perceive our collective strengths and abilities."
The origin of the corporate name dates back to ownership of the Metro Goldwyn Meyer movie studio first purchased by MGM MIRAGE's largest shareholder, Kirk Kerkorian in 1969. The company developed the original MGM Grand Hotel in Las Vegas in 1973 and later, in 1993, developed the current MGM Grand Hotel. From that singular MGM Grand resort, MGM MIRAGE has been built through a series of developments and acquisitions to now encompass 15 wholly owned properties, four joint-venture developments, and the MGM MIRAGE Hospitality subsidiary, which holds more than one dozen global management and license agreements utilizing multiple resort brands within the MGM MIRAGE portfolio.
"MGM Resorts International will become the brand that collectively represents the best-known, most respected hospitality brands in the world," added Murren. "We will accomplish this through a common vision for employees, increased cross-utilization throughout our portfolio and international expansion through strategic investments in high-value markets as well as license and management agreements."Wholly Owned Resorts
MGM MIRAGE owns and operates 15 properties located in Nevada, Mississippi and Michigan. The wholly owned resorts include Bellagio, MGM Grand Las Vegas, The Mirage, Mandalay Bay, Luxor, New York-New York, Monte Carlo, Excalibur, Circus Circus Las Vegas and Circus Circus Reno; Gold Strike in Jean, Nevada; Railroad Pass in Henderson, Nevada; MGM Grand Detroit; Beau Rivage and Gold Strike Tunica in Mississippi.
MGM MIRAGE has 50% investments in four properties in Nevada, Illinois and Macau, including MGM Grand Macau and CityCenter. MGM MIRAGE and its joint venture partner in Macau have begun the process of an initial public offering on the Hong Kong market later this year. CityCenter, an unprecedented urban resort destination on the Las Vegas Strip featuring its centerpiece ARIA Resort & Casino, is a joint venture between MGM MIRAGE and Infinity World Development Corp, a subsidiary of Dubai World. The Company also holds the sole economic interest in a trust that owns 50% of Borgata Hotel Casino & Spa in Atlantic City for which it is seeking a buyer.
MGM MIRAGE Hospitality
MGM MIRAGE Hospitality, a subsidiary of MGM MIRAGE, has entered into management agreements for casino and non-casino resorts throughout the world including the People's Republic of China, India and the United Arab Emirates. MGM MIRAGE and Pearl Dubai FZ LLC announced plans last May to develop Bellagio, MGM Grand, and Skylofts hotels, as well as branded residences at Dubai Pearl, the USD4 billion (AED15 billion) world-class, fully integrated luxury development in Dubai, United Arab Emirates. The hotels are expected to be operational in 2013.
For more information about MGM MIRAGE, please visit the Company's Web site 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.