MGM to Operate Dubai Hotel Resort
The project will include regional debuts of MGM’s brands with a Dubai version of the famous Bellagio hotel
Dubai government-owned real estate management firm Wasl Asset Management has selected US hotel and entertainment company MGM Hospitality to develop, advise and operate a 26-acre branded beachfront development.
The Dubai project will include regional debuts of MGM brands MGM Hotel and MGM Residences and a local version of Las Vegas’ famous Bellagio hotel at a site on Jumeirah beach.
“This marks the 1st time we will offer multiple MGM luxury brands at a prime beachfront location,” said Bill Hornbuckle, president of MGM Resorts.
“This agreement, which makes us the development advisor and operator, reflects our commitment to remaining disciplined and focused in our investments while continuing to advance our brand of entertainment resorts in markets around the world.”
Representatives from both firms recently presented the 2-M-sqf project to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai.
It will include a 500,000-sqf theatre with a range of gourmet and casual dining venues, specialty retail shops, museums, a beach club and ‘adventure zones’ for children and adults.
There will be 1,000 rooms and 10 villas spread across the property, with the location claimed to be the longest stretch of waterfront ever developed in Dubai.
Work on the project is scheduled to begin in the third quarter of Y 2017 and it is expected to take four years.
The MGM brand is best known for its properties in Las Vegas including Bellagio, MGM Grand, Mandalay Bay and The Mirage. It also operates a hotel in Macau through a majority share in a Chinese holding company.
Wasl Asset management was established by Dubai Real Estate Corporation in Y 2008. It manages more than 5,500 rooms in the emirate.
|NYSE:MGM||26.13||21 March 2017||-0.49||26.7||26.76||25.89||17,554,700|
|HeffX-LTN Analysis for MGM:||Overall||Short||Intermediate||Long|
|Bearish (-0.38)||Bearish (-0.43)||Bearish (-0.44)||Bearish (-0.28)|
By Robert Anderson
Paul Ebeling, Editor
Latest posts by HEFFX Australia (see all)
- Tesla (NASDAQ:TSLA) Stock Breaks All-Time High On Way To $600 - November 25, 2020
- Amazon (NASDAQ:AMZN) Stock Techincal Review - November 25, 2020
- Apple (NASDAQ:AAPL) iPhone Sales and Charts Look Weak - November 25, 2020