Press release from PR Newswire
China State Construction Engineering Corporation, LTD & MGM Resorts International Announce Strategic Cooperation Agreement
Tuesday, May 14, 2013
China State Construction Engineering Corporation, LTD & MGM Resorts International Announce Strategic Cooperation Agreement08:55 EDT Tuesday, May 14, 2013
BEIJING, May 14, 2013 /PRNewswire/ -- China State Construction Engineering Corporation, Ltd. (SSE: 601668) and MGM Resorts International (NYSE: MGM) announced today that they have entered into a Strategic Cooperation Agreement for global development projects. The Agreement was executed in Beijing by China State Construction's Chairman Yi Jun and James J. Murren, Chairman and Chief Executive Officer of MGM Resorts International.
The Strategic Cooperation follows Monday's announcement by MGM China Holdings Limited (HKSE: 2282) that it had entered into a letter of intent to construct the MGM Cotai deploy with subsidiaries of China State Construction. China State Construction will serve as sole general contractor for the project, which is expected to be complete in the first half of 2016.
The Strategic Cooperation Agreement creates a framework in which MGM Resorts and China State Construction will also cooperate globally on other projects. The arrangement includes China Construction Americas, the North American arm of China State Construction.
Mr. Murren said, "The MGM Cotai is a key project for our Company, and we are thrilled to have the best partner for its construction. China State Construction is a global construction and real estate development powerhouse. Their ability to deploy construction and development resources on a global basis will provide us with a significant competitive advantage in our development process. We intend to pursue projects with China State not only in Macau and China, but elsewhere around the world."
Chairman Yi said, "We are very pleased to partner with MGM Resorts on its iconic Cotai resort project on an exclusive basis. MGM has an impressive development pipeline. Our cooperation will compliment MGM's development and construction efforts, while projecting China State's capabilities globally."
MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51% of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50% of CityCenter in Las Vegas, which features ARIA resort and casino. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.
China State Construction, a Fortune 100 company, is the world's largest construction and real estate company. The Company's core businesses are building, real estate development, infrastructure, designing and overseas operations. It is well known for undertaking super high-rise, grand scale, cutting-edge and novel projects and has built up a great number of prominent projects both in the People's Republic of China and throughout the world. For more information about China State Construction, visit the Company's website at www.cscec.com.
Statements in this release that are not historical facts are "forward-looking" statements and "safe harbor statements" under the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including risks and/or uncertainties as described in the Company's public filings with the Securities and Exchange Commission.
SOURCE MGM Resorts International; China State Construction Engineering Corporation, Ltd.
For further information: CHINA STATE CONSTRUCTION CONTACT: Office of the Board, Hui Wang, Senior Manager, firstname.lastname@example.org, (86 10) 8808 2089; Overseas Operations, Lei Sang, Senior Manager, email@example.com, (86 10) 8559 9615; MGM RESORTS INTERNATIONAL CONTACTS: Investment Community, DANIEL D'ARRIGO, Executive Vice President, CFO & Treasurer, (702) 693-8895; News Media, ALAN M. FELDMAN, Senior Vice President of Public Affairs, (702) 891-1840 or firstname.lastname@example.org