LAS VEGAS, March 20, 2017 /PRNewswire/ -- Dubai-based
wasl Hospitality and Leisure, a subsidiary of wasl Asset Management
Group, one of the largest real estate development and management
companies in the Emirate of Dubai,
has selected MGM Hospitality to advise on the development of a
premier destination resort in Dubai and to operate the resort when
completed. MGM Hospitality, a wholly owned subsidiary of MGM
Resorts International (NYSE:MGM), has signed a definitive
management agreement with wasl Hospitality.
The 26-acre prime beachfront development, which will feature an
MGM Hotel, MGM Residences and a Bellagio Hotel, will mark the debut
of the iconic MGM and Bellagio brand names in the Middle East region. A luxurious sanctuary on
magnificent Jumeirah Beach set apart from the bustle of
Dubai, the integrated resort will
be an entertainment destination of the future, featuring a wide
spectrum of activities for all ages.
"We are excited and honored by the opportunity to introduce our
incredible brands in one of the world's fastest growing tourist
destinations. This marks the first 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."
The project was presented to His Highness, Sheikh Mohammed bin Rashid Al Maktoum, Vice President
and Prime Minister of the United Arab
Emirates and Ruler of Dubai, by officials from both MGM Resorts and
wasl Asset Management Group.
Hesham Al Qassim, CEO of wasl
Asset Management Group commented: "wasl is proud to be working in
partnership with such an internationally acclaimed hotel and resort
operator; it is a major milestone and we are very excited to be
bringing MGM Resorts on our journey to making Dubai the world's best city to visit, work and
live in. The collaboration also fulfils wasl's mandate to attract
global hospitality players to Dubai, where we are constantly striving to
raise the bar in the city by offering tourists, residents and
visitors ever more sensational hospitality and entertainment
experiences."
As part of the two million square-foot development, more than a
half-million square feet will feature a dazzling theater, an
exciting mix of culinary venues ranging from gourmet to casual
dining, specialty retail shops, traditional and interactive
museums, a sprawling beach club and thrilling adventure zones for
both adults and children. The new property will include 1,000 rooms
and feature 10 villas and will occupy the longest stretch of
waterfront ever developed in Dubai
serving as the "anchor" of the expansive beach.
Dubai has grown into a global
city and international business hub by launching major enterprises
and conglomerates in a relatively short period of time. In 2015,
Washington, D.C.-based Brookings
Institution ranked Dubai the
world's fastest growing metropolitan area relative to the national
growth rate.
MGM Hospitality focuses on the design, development and
management of luxury non-gaming hotels, resorts and residential
offerings.
wasl Hospitality and Leisure, a subsidiary of wasl Asset
Management Group which was established by the Dubai Real Estate
Corporation (DREC), manages a significant portfolio of hotels in
Dubai totaling more than 5,500
rooms and hotel-apartments.
About MGM Resorts International
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 opened MGM National Harbor
in Maryland on December 8, 2016, and is in the
process of developing MGM Springfield in Massachusetts. MGM
Resorts controls and holds a 76 percent economic interest in the
operating partnership of MGM Growth Properties LLC (NYSE: MGP), a
premier triple-net lease real estate investment trust engaged in
the acquisition, ownership and leasing of large-scale destination
entertainment and leisure resorts. The Company also owns 56 percent
of MGM China Holdings Limited (SEHK: 2282), which owns
MGM MACAU and is developing MGM COTAI, and 50 percent of
CityCenter in Las Vegas, which features ARIA Resort &
Casino. MGM Resorts is named among FORTUNE® Magazine's 2017 list of
World's Most Admired Companies®. For more information about MGM
Resorts International, visit the Company's website
at www.mgmresorts.com.
About wasl Asset Management Group
wasl Asset Management Group, one of the largest real
estate management companies in Dubai, was established by the Dubai Real
Estate Corporation (DREC) in 2008 to oversee the management of
its assets and grow its real estate portfolio. Through its
three subsidiaries: wasl properties, wasl
hospitality & leisure and Dubai Golf, wasl operates in
various real estate, lifestyle, leisure, hospitality, and business
sectors. wasl's main objective is to strengthen Dubai's position as the world's premier
residential and professional hub, whilst also making it the
ultimate destination for tourists. For further information
please visit: www.wasl.ae
Statements in this release that are not historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on management's current expectations and assumptions and not
on historical facts. Examples of these statements include
statements regarding the scope of the development project and the
amenities to be offered. A number of important factors could cause
actual results to differ materially from those indicated in such
forward-looking statements, including effects of economic and
market conditions, competition with other destination travel
locations throughout the world, the design, timing and costs
of expansion projects, and risks relating to international
operations, permits, licenses, financings, approvals and other
contingencies in connection with growth in new or existing
jurisdictions and additional risks and uncertainties described in
MGM Resorts International's Form 10-K, Form 10-Q and Form 8-K
reports (including all amendments to those reports) filed with the
Securities and Exchange Commission. In providing forward-looking
statements, MGM Resorts International is not undertaking any duty
or obligation to update these statements publicly as a result of
new information, future events or otherwise, except as required by
law.
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SOURCE MGM Hospitality