X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAS VEGAS-MGM Mirage is adding to its pool of partners for its push into the non-gaming resort market. On the heels of a partnership with the Abu Dhabi government, the locally based public company says it is in advanced discussions for a similar partnership with the Diaoyutai State Guesthouse in Beijing.

MGM and Diaoyutai State Guesthouse intend to create a joint venture to develop luxury non-gaming hotels and resorts around the world under a new joint brand that associates “MGM Grand” with “Diaoyutai.” The duo initially plans to target locations in the People’s Republic of China. The parties hope to conclude a definitive joint venture agreement in the first quarter of 2007.

Earlier this month, MGM announced a non-gaming resort development partnership with the Abu Dhabi government’s Mubadala Development Co. The partnership has the same general international development goals as the one with Diaoyutai State Guesthouse and also will develop a combined brand. The current difference is that the Abu Dhabi partnership plans to begin with projects in Abu Dhabi, Las Vegas and the United Kingdom while the Diaoyutai partnership will initially focus on the People’s Republic of China.

An MGM executive could not be reached Wednesday for comment on whether geographic markets are being divvyed up between the two partnerships or whether the two new brands will compete against one another.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.