Thursday, 28 August 2008 |
11:42 UAE time
US casino operator MGM Mirage is to partner Mubadala Development to develop the MGM Grand Abu Dhabi, a non-gambling hotel resort, at the cost of $3bn.
The project, expected to open in 2012, will be wholly owned by Mubadala, which is itself wholly owned by the government of Abu Dhabi. MGM Mirage will develop and manage the project for a fee.
Covering 50 acres it will include an MGM Grand hotel plus two further branded luxury hotels with more than 1,200 rooms.
It will also feature a 12,000-seat arena, retail shops and restaurants, waterfront residences and private yacht berths.
Holding company Dubai World recently acquired a 5% stake in MGM, and agreed to pay $2.7 billion for a 50% stake in CityCenter, a 76-acre Las Vegas development.
Gamal Aziz, president of MGM Mirage Hospitality, said alcohol would be served throughout the complex, but features such as the Crazy Horse Paris topless revue would not be included. “We will introduce our products and services with complete understanding and respect for the local and regional culture. We don’t have to enforce or display what’s successful in Las Vegas in order for us to succeed” he told the International Herald Tribune.
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