MGM plans hotel in China
From Times Wire Services
MGM Mirage Inc. has announced plans for a joint venture on a nongambling hotel in mainland China.
The mixed project in Tianjin, China -- to be led by the Las Vegas-based casino company’s hospitality arm -- would include a luxury hotel, condominiums, a spa, offices and restaurant facilities. The Chinese partner is Diaoyutai State Guesthouse.
Deutsche Bank analyst Bill Lerner said the deal could generate about $200 million in yearly cash flow for MGM.
