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Struggling to turn over a profit in an economy that has gouged gambling revenue and cut casino companies’ ability to borrow, MGM Mirage hopes to keep expanding their international hotel and casino empire thus stabilizing its profit.
However, their plan includes other companies paying for it.
The Las Vegas’ largest owner and operator on the Strip has 10 new deals in place to manage hotels abroad without spending on land or development. Many of the deals allow several hotels to carry the names of the company’s famous Bellagio and MGM Grand casinos in Las Vegas.
Most major casinos expand by building properties, then operating, like the $8.5 billion CityCenter project MGM Mirage is building in Las Vegas.
“You are not going to see anytime soon these big, massive investments in brick-and-mortars in our industry, at least in the gaming industry,” said Gamal Aziz, leader of MGM Mirage Hospitality. “So how do you execute on your growth strategy?”
MGM Mirage’s answer is management and franchise deals. They hope to build revenue rather than grow by adding assets.
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