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MGM Grand Abu Dhabi plans revealed

7 Nov 2007

LAS VEGAS, Nevada -- (PRESS RELEASE) -- MGM Mirage (NYSE: MGM) and Mubadala Development Company, a strategic investment and development firm wholly-owned by the government of Abu Dhabi, today announced plans to develop the MGM Grand Abu Dhabi, a mixed-use development that will serve as an iconic gateway to Abu Dhabi.

The MGM Grand Abu Dhabi will be strategically located at a prominent downtown waterfront site on Abu Dhabi Island. Once completed, the MGM Grand Abu Dhabi will feature unparalleled views of the city skyline as well as stunning panoramic views of the waterfront.

This initial phase will utilize 50 acres and consist of an MGM Grand hotel and two additional MGM branded luxury hotels each appealing to a distinct market segment. In total, more than 1,200 luxury guest accommodations will be developed in the first phase. The development will also feature a major entertainment facility, as well as high-end retail shops and world-class dining and convention facilities. The development will also integrate a variety of luxury residential offerings including waterfront residences with private yacht berths.

Mr Khaldoon Khalifa Al Mubarak, Chief Executive Officer and Managing Director of Mubadala, said, "This agreement is another exciting project in Mubadala's property development portfolio of innovative and commercially viable projects that contribute to the steady growth of Abu Dhabi's society. MGM MIRAGE's experience and luxury brands compliment Abu Dhabi's offering of the finest hospitality and entertainment experiences for both residents and tourists."

The cost of the project is expected to be approximately US $3 billion, will be wholly owned by Mubadala and is anticipated to open in 2012.

The MGM Grand Abu Dhabi will be the initial project of the newly formed strategic relationship between MGM MIRAGE and Mubadala. MGM MIRAGE Hospitality, a wholly owned subsidiary of MGM MIRAGE will serve as developer of the project and will brand the hotel properties and manage the development once open.

"Today's announcement reflects MGM MIRAGE's strategy to further our brand reach internationally," said Terry Lanni, Chairman and CEO of MGM MIRAGE. "This magnificent development will leverage the capital resources and asset management proficiency of Mubadala with the world-renowned expertise of MGM MIRAGE in design, development and operation of exciting destination resorts.

"We are thrilled that our first project with Mubadala will create a destination and icon for Abu Dhabi. We see tremendous potential for this development and we are confident that this will be the first of many successful ventures with our Mubadala partners," said Mr. Lanni

Mubadala and MGM MIRAGE will continue to work together to pursue other real estate and hospitality opportunities on a project-by-project basis. These may take the form of development/management agreements, joint ventures and other forms of cooperation to be determined by the companies.

The project has been designed in line with the comprehensive urban plan, Plan Abu Dhabi 2030, recently announced to guide the sustainable development and ongoing evolution of Abu Dhabi as a global city.

Abu Dhabi is witnessing some of the most extensive real estate and hospitality developments in the world, as part of the overall tourism strategy for the Emirate. Currently under development are world-class attractions including the Guggenheim Abu Dhabi and the Louvre Abu Dhabi on Saadiyat Island, as well as leading hotels and world-class attractions on Yas Island, the new home of the Formula 1 Grand Prix.

Every aspect of the Emirate's tourism strategy and its implementation works towards strengthening the reputation of Abu Dhabi as an exclusive, high- end tourist destination. Delivering the highest quality in travel, accommodation, tourist attractions and importantly, business facilities, is central to achieving that vision.

 
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