MGM Mirage Heading To China With Gambling-Free Hotel

MGM Mirage has forever had its name linked to casino gambling. The company has many luxury hotel and casinos all over the world, and is one of the most recognizable names in the gambling industry.

The company will now try and move away from being isolated in only casino gambling. They have announced plans to join their partner, Diaoyutai State Guesthouse, to bring a luxury gambling-free casino to Tianjin, China.

The complex will be called the MGM Grand Tianjin. It will have a fifty suite Skylofts at MGM Grand and will also have sixty condominiums. That is in addition to the 350 room hotel that will be on the property.

The move is being made by MGM Mirage to try and branch out away from the gambling industry. "We believe this hospitality entity could ultimately be spun off in a separate publicly traded company and would expect many more deals like this one in geographies like Asia, the Middle East, Europe, and Northern Africa," said Bill Lerner, a gambling analyst from Deutsche Bank AG.

Another reason for the move into the hotel business could be recent analysis from stocks. Casino stocks have took a plunge over the past year, while hotel stocks have for the most part retained their value.

If all goes well in the hotel endeavor, MGM has stated that they would consider splitting their hotel operations from their gambling operations.

June 19, 2008
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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