MGM Mirage And Genting May Form Gambling Partnership
MGM Mirage has had a rocky past year even by casino industry standards. The company came close to having to shut down their CityCenter project in Las Vegas, and for a while, was in sever financial straights.
Now, it appears the company is emerging from their financial problems and they are beginning to look at global expansion opportunities. One of those opportunities may be to form a partnership with Genting Bhd.
"We're just starting to brainstorm about global marketing relationships, strategic ventures and partnerships," said MGM Chief Executive Jim Murren in a telephone interview with the Wall Street Journal, saying also that Genting, "in particular holds great interest to me because they are so great at what they do. I think there's a commonality of philosophy."
Malaysia is the main area of focus for Genting. They are a powerhouse in the casino industry in Malaysia, and given MGM's power in other regions of the world, there could be a fair amount of exploring to do on the parts of both companies.
Genting's main focus would be acquiring a part of the Macau operations of MGM. Genting officials agree that it could end up being a match made in heaven.
"we have no overlap of business and we have a very similar approach to business," said Murren. This is not the first time that MGM has joined forces with other companies to begin projects, their most recent project, CityCenter, is a joint project with Dubai World.
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