MGM Mirage announces plans to build resort in Egypt


MGM Mirage announced a partnership this morning to build MGM Grand New Giza, a 550-room resort on the outskirts of Cairo, Egypt.

The project will be funded by New Giza for Real Estate Development, developer of a 1,500-acre master-planned community which includes designs for homes, three hotels, restaurants, shopping malls, golf course and other sports facilities.

Cost of the hotel was not disclosed. There was no mention of plans for a casino.

MGM Mirage will provide management services and brand the hotel through its subsidiary MGM Mirage Hospitality. The property is anticipated to open in 2013.

MGM Mirage Hospitality has similar agreements to develop non-casino properties in China, Dubai and Vietnam.

Company shares were up 34 cents, or 5.21 percent, to $6.87 per share this morning on the New York Stock Exchange.

 

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