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LAS VEGAS, NV, Feb. 21, 2012 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) announced today that its joint venture, Diaoyutai MGM Hospitality Limited, has entered into an agreement with Suning Real Estate Group, a subsidiary of Suning Group, for the Suning Bellagio Shanghai Bund hotel as a part of a strategic relationship between the companies for the development of hotels within the People's Republic of China.
Suning and MGM Resorts have held the signing ceremony in China.
The hotel will be located on a prime site owned by Suning on the Shanghai Bund (top left photo) and will be managed by Diaoyutai MGM Hospitality Limited, MGM Resort's joint venture with Diaoyutai State Guest House, which focuses on the development and management of hospitality assets in the People's Republic of China.
The hotel will feature approximately 200 rooms and world-class retail and entertainment amenities, which is expected to be completed in 2015.
MGM Resorts Chairman and CEO Jim Murren (middle right photo) said, "This strategic partnership with Suning further extends our reach into China, one of the fastest growing hospitality markets in the world. Along with our Diaoyutai JV partners, we believe relationships like this with Suning create new opportunities to expand our brand reach into this strategically vital marketplace."
MGM Hospitality President Gamal Aziz (lower left photo) who attended the signing ceremony, said, "We are thrilled to announce the Shanghai Bund project as our initial hotel with Suning. We believe that the hotel will be the centerpiece of a unique property on one of the best sites in one of the World's gateway cities."
Contact:
Investment Community, Daniel D'Arrigo, Executive Vice President, CFO & Treasurer, +1-702-693-8895; or
News Media, Alan M. Feldman, Senior Vice President of Public Affairs, +1-702-891-1840, afeldman@mgmresorts.com, both of MGM Resorts International
Web Site: http://www.mgmhospitality.com
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