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Howard Stutz

MGM Resorts says Egypt hotel will move forward

4 February 2011

CAIRO, Egypt -- MGM Resorts International said it is still planning to move forward with a nongaming luxury hotel near Cairo, Egypt, despite the weeklong massive unrest the country is experiencing as protesters seek the ouster of President Hosni Mubarak.

The Las Vegas-based casino operator announced plans for the MGM Grand New Giza in June 2009. The project is one of more than a dozen nongaming luxury hotels being developed through its MGM Resorts Hospitality subsidiary.

The 550-room hotel is part of a 1,500-acre master-planned community near Cairo, which includes homes, three hotels, restaurants, shopping malls, golf courses and other sports facilities.

The project was originally expected to open in 2013. MGM Resorts would operate the hotel.

"Our hotel projects in Egypt are still in the development phase," said MGM Resorts Hospitality President Gamal Aziz. "At this time, we do not see the current events in Egypt having an impact on their construction schedules or openings."

Egypt's crisis turned ugly earlier this week as government opponents pushed supporters out of Cairo's main square. Organizers of the protests called for protesters trying to topple the regime of Mubarak to fill every square in the huge capital on Friday.

"While we are closely monitoring the situation in Egypt and are hopeful that stability will soon return to the country, we are confident about the long term viability of Egypt as an extraordinary world destination," Aziz said.

MGM Hospitality was formed in 2007 to operate nongaming luxury hotels and residential properties in worldwide destinations using the brands Bellagio, MGM Grand and Skylofts. Projects are in various stages of development in the Middle East, North Africa, China and India.

The casino operator said this week its MGM Hospitality subsidiary would break ground in March on the MGM Grand and Skylofts New Delhi. The project is company's first venture into India. The development is expected to open in 2014.
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