MGM Mirage and new casino near pyramids.

[IluvVegas]

The MGM Mirage will be going in conjunction with New Giza for Real Estate Development to build a luxury hotel near the Giza pyramids.

The Mirage will lend its name to the development, while the New Giza for Real Estate Development will provide the funding.

This newest endeavour will consist of 1,500 acres which will include the hotel, upscale homes, three resort hotels, restaurants, shopping malls and a high end golf course.

MGM Mirage will be providing management services for the hotel and brand fees through its hospitality service.

The MGM Grand is now being designed, and the 550 room hotel will open in 2013.

[Eyeofngt]

They are also looking to Expand in Asia!! Here is an article from the Las Vegas Sun:

LAS VEGAS, Nevada -- A second Las Vegas-based gaming, hotel and entertainment company is looking to expand in Asia -- despite financial challenges for its American operations.

MGM Mirage is in talks with three investor groups to develop a casino in Taiwan, an executive said this week.

"I have a desire to aggressively expand in Asia. It's the most exciting gaming market in the world," Lloyd Nathan, MGM Mirage president of global gaming development, told Reuters at an industry conference.

Reuters said he declined to name the three groups for the project in Taiwan, an island nation working to allow casino gambling. Nathan said all were Taiwanese and would fully fund the development with MGM Mirage acting as operator.

Reuters quoted him as saying MGM Mirage was also looking at potential projects in Japan and the Philippines. MGM Mirage already has a stake in a casino in Macau -- a market likely to compete with the development of a gaming market in Taiwan.

An executive with Harrah's Entertainment Inc., also facing financial challenges, said at the same conference this week it's looking to expand in Asia as well.

MGM Mirage this spring completed extraordinary efforts to finalize financing for its CityCenter project in Las Vegas and to bolster its balance sheet with the issuance of $2.5 billion in debt and equity.

The capital raise was needed because MGM Mirage was having difficulty serving its $14 billion in debt obligations as the recession reduced net revenue by 20 percent in the first quarter to $1.5 billion. Including a $190 million gain on the sale of the Treasure Island, MGM Mirage earned $105.2 million in the quarter, down from $118.3 million in 2008's first quarter.

[VegasLuvsMe]

That's all good news and good to hear that Las Vegas may soon start picking up again.
All they need is more people to fill up the hotel rooms.

Once the economy picks up, so will Vegas' flow of people.

There must be something going on that most of us don't know about if MGM is expanding in other countries, and to get back to their City Center project.

Whatever the future brings, I hope it all works out for them and for Las Vegas overall.

[Eyeofngt]

I hope Vegas thrives too. but I also hope they get this bill passed to legalize online gambling.

[Chipsahoy]

Why or why would they build a casino next to the Great Pyramids? I think that is just bad.....These pyramids are one of our "untouched" historic sites, with so much beauty and history, to turn around and use it for a marketing ploy is so wrong. I love casinos, but this is just bad taste.

And Eye...i am with ya on the online gaming bill. I hope it gets over turned soon, and not just for poker rooms, casinos too.