LAS VEGAS, June 3, 2016 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) and New
York-based Sydell Group have announced a partnership to
reimagine and rebrand Monte Carlo Resort and Casino. The
approximately $450 million
transformation, which will touch every element of the property,
will include two distinct hotel experiences: a Las Vegas version of Sydell's widely acclaimed
NoMad Hotel, and the launch of a new luxury hotel named Park MGM.
In addition to fully redesigned and renovated hotel guest rooms,
each hotel will feature innovative and exciting food & beverage
experiences unique to the Las
Vegas market, including the award-winning NoMad restaurant
by Chef Daniel Humm and restaurateur
Will Guidara and Eataly's vibrant
Italian marketplace with cafes, to-go counters and full-service
restaurants interspersed with high-quality products from
sustainable Italian and local producers. Park MGM and The NoMad Las
Vegas become the final pieces of MGM Resorts' complete neighborhood
redesign of the central Las Vegas Strip neighborhood which
began in 2009 with the introduction of CityCenter and saw the
recent unveiling of The Park, a spectacular outdoor dining and
entertainment district, and the stunning new T-Mobile Arena.
Sydell Group, a partnership between investor Ron Burkle and founder Andrew Zobler, is the creator and operator of
trend-setting lifestyle hotels across the country, including The
NoMad in New York; The Line in
Los Angeles; and Freehand in
Miami and Chicago. Sydell will collaborate with MGM
Resorts on the property-wide transformation of all public and guest
spaces, including the food & beverage offerings, of both
hotels. A prominent feature among Sydell Group's portfolio of
properties is the restoration and reimagination of historic
buildings into unique hospitality experiences, alongside
award-winning food & beverage.
"We are thrilled to partner with Sydell Group as we enter the
final phase of transforming the neighborhood that we believe
represents Las Vegas' true
entertainment epicenter," said Bill
Hornbuckle, president of MGM Resorts International.
"Coupling MGM's rich legacy of hospitality and entertainment with
Sydell Group's expertise in creating hotels that cultivate a strong
sense of place will result in a destination that both celebrates
the history of Las Vegas and
ushers in a new era."
Andrew Zobler, founder and CEO of
Sydell Group, said, "The collaboration between MGM Resorts and
Sydell felt very natural for both NoMad in Las Vegas and Park MGM. MGM is the
preeminent operator of casino resorts and has extensive expertise
leveraging unique guest experiences across properties with great
scale. Sydell Group has a growing collection of brands
focused on authentic offerings, a residential feel and the ability
to connect with like-minded collaborators at the forefront of
design and food & beverage. Together, we have been able to meld
these approaches into a property that will have real soul."
Hornbuckle added, "We are particularly excited that this
partnership also allows us to expand the new Park MGM brand into
traditional hospitality ventures in key gateway cities."
Park MGM
Park MGM is a new concept by MGM and Sydell,
conceived to target a younger, well-traveled demographic seeking
unique experiences and innovative design. Park MGM will appeal to
this growing audience's desire to be more social, connected and
culturally aware.
The design of Park MGM, an approximately 2,700-room luxury
resort, will build upon the property's history, incorporating its
European design influences while retaining a powerful
connection to The Park just next door. Park MGM's design will
reflect a residential feel signature to Sydell Group hospitality
experiences, but not yet introduced in Las Vegas. Working with talented British
designer Martin Brudnizki, Sydell Group and MGM will transform the
resort's public areas with a beautiful and casually elegant design.
Clean lines will define the architecture of each space, combined
with classically inspired European furnishings and a robust art
program, which is core to both companies' design philosophies. Park
MGM's expansive food & beverage program, featuring a full-scale
Eataly marketplace, will bring interesting new talents to
Las Vegas with concepts custom
tailored for the design and ethos of the resort. With its unrivaled
central location, Park MGM will offer guests direct access to what
is quickly becoming the city's premier entertainment district,
featuring T-Mobile Arena and The Park, as well as the previously
announced Park Theater, a 5,300-seat, $100
million entertainment venue, opening later this
year.
Nicola Farinetti, CEO of Eataly
USA, said, "We are very excited to
bring the first Eataly to the Southwestern United States. Las Vegas will be an entirely new scene for us
– we look forward to adding our Italian food, drink and culture to
the energetic mix of this iconic American city, thanks to our
collaboration with Sydell and MGM Resorts."
The NoMad Las Vegas
Since opening in 2012, NoMad's
New York flagship has earned many
accolades for its thoughtful restoration of a turn-of-the-century
Beaux-Arts building into a beautiful hotel that fuses the
traditions of Europe's grand
hotels with a modern approach to service. The NoMad Las Vegas will
draw upon the success of the original, with a distinctive luxury
experience that complements the Park MGM experience. The
NoMad Las Vegas will offer a complete hotel experience, including
292 guestrooms and suites, a dedicated drop-off, lobby, and
swimming pool as well as NoMad gaming, eating and drinking
experiences. Sydell Group will once again team up with Chef
Daniel Humm and restaurateur
Will Guidara, the creative and
culinary forces behind The NoMad restaurant in New York and Eleven Madison Park, one of the
only restaurants in the country to receive 3 Michelin stars and the
only restaurant in America in the Top 10 of the San Pellegrino list
of the world's best restaurants. The NoMad Las Vegas design will be
a collaboration between Sydell Group and legendary French designer
Jacques Garcia, the visionary behind
Parisian hotels such as Royal Monceau and Hôtel Costes.
Will Guidara said, "Daniel and I
are thrilled to be bringing what we do at The NoMad to Las Vegas. We love creating fun and memorable
experiences for the people who walk through the doors of our
restaurants, and we can't imagine a more perfect place to do it
than in a city whose very foundation has been built around doing
exactly that."
The partners anticipate spending the coming months in design and
development around the resort's transformation and will share
further details as they become available. Construction at Park MGM
and NoMad Las Vegas is expected to commence in late 2016 and
conclude in late 2018.
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 is in the process of developing MGM National Harbor in
Maryland and MGM Springfield in
Massachusetts. MGM Resorts
controls, and holds a 73 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 51 percent
of MGM China Holdings Limited (HK: 2282), which owns the MGM Macau
resort and casino and is developing a gaming resort in Cotai, and
50 percent of CityCenter in Las
Vegas, which features ARIA Resort & Casino. MGM Resorts
is named among FORTUNE® Magazine's 2016 list of World's Most
Admired Companies®. For more information about MGM Resorts
International, visit the Company's website at
www.mgmresorts.com.
ABOUT SYDELL GROUP
A partnership between investor
Ron Burkle and founder Andrew Zobler, the Sydell Group is the creator
and manager of unique hotels deeply rooted in their location and
architecture. Sydell's core expertise is an ability to collaborate
with original talent within the world of design, food &
beverage, and retail, and bring them together in the creation
of compelling new hotels that engage
the communities around them. Sydell
Group's diverse portfolio of award-winning
properties include The NoMad, New
York; The Line Hotel, Los
Angeles; Freehand Miami & Chicago; as well as upcoming openings in
Los Angeles, Washington, DC; London; and New York.
ABOUT EATALY
Created by Oscar
Farinetti, Eataly is the largest Italian marketplace in the
world. From the opening of the first location in Turin in 2007, Eataly's philosophy has spread
to the rest of the world: "Eat, Shop, and Learn." The marketplace
offers a place where it is possible to discover high-quality food
and drink at accessible prices. Consumers can experiment with new
combinations of flavors at the various restaurants throughout the
marketplace, shop for products, before learning more about the
Mediterranean culture with educational courses on food, wine, and
nutrition. Eataly already has nearly 30 locations in Italy, Japan,
Dubai, Turkey, Brazil, and the
United States. Located on the celebrated Fifth Avenue, the
first Eataly in the U.S. opened in New
York in 2010 in a space of more than 50,000 square feet;
Eataly Chicago followed in 2013. Eataly USA is a product of the collaboration between
Eataly Italia; B&B Hospitality Group: Mario Batali, Joe, and Lidia Bastianich; and
Adam and Alex Saper, brothers and
operating partners. The company looks forward to opening locations
in Downtown New York, Boston, and Las
Vegas.
ABOUT MAKE IT NICE
Chef Daniel Humm and Restaurateur
Will Guidara run the Make It Nice group, responsible for The NoMad
restaurant and The NoMad Bar at The NoMad Hotel in New York City, and the three-Michelin starred
Eleven Madison Park. Their restaurants are known as much for the
food as they are for the service and hospitality found. They
have been the recipients of numerous industry honors over the years
including one of only two companies in the world with multiple
restaurants on the World's 50 Best Restaurants List. The
partnership that began in 2007 has since grown to be considered one
of the foremost food and beverage groups in the country.
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 and involve risks and/or
uncertainties, including those described in the Company's public
filings with the Securities and Exchange Commission. Management has
based forward-looking statements on current expectations and
assumptions and not on historical facts. Examples of these
statements include, but are not limited to, the expected costs and
features of the reimagined and rebranded Monte Carlo Resort and
Casino. These forward-looking statements involve a number of risks
and uncertainties. Among the important factors that could cause
actual results to differ materially from those indicated in such
forward-looking statements include effects of economic conditions
and market conditions in the markets in which MGM Resorts operates
and competition with other destination travel locations throughout
the United States and the world,
the design, timing and costs of expansion projects, 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' Form 10-K, Form 10-Q and Form 8-K reports
(including all amendments to those reports). In providing
forward-looking statements MGM Resorts 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. If MGM Resorts updates one or more forward-looking statements,
no inference should be drawn that it will make additional updates
with respect to those other forward-looking statements.
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SOURCE MGM Resorts International