The Bellagio, MGM Grand to be Developed in Dubai
The Middle Eastern nation of Dubai will get its own Bellagio and MGM Grand Hotels, two iconic staples of Las Vegas.
Pearl Dubai said in a joint statement with MGM Mirage on Tuesday that it will develop the properties and a 30-suite Skylofts hotel at the Dubai Pearl, a development near the base of the manmade Palm Jumeirah island.
Pearl Dubai says it will pay for and own the three hotels, which will be managed by a division of MGM Mirage.
One thing that will be missing from the Dubai Bellagio and MGM Grand properties: Gambling. The activity is banned in Dubai. In fact, the Gambling911.com website is inaccessible in that nation.
MGM, meanwhile, has completed a $2.6 billion corporate restructuring effort.
According to the Las Vegas Review Journal, the casino operator's restructuring plan is part of its efforts to help dig the company out from under its debt and leveraging issues.
The Strip casino giant sold 164.7 million shares of the company's stock at $7 a share on the New York Stock Exchange to raise $1.1 billion, according to that report.
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Jagajeet Chiba, Gambling911.com
