Hotel News Resource - MGM MIRAGE Hotel Industry News

MGM MIRAGE (NYSE:MGM) shareholders approved at their annual meeting a proposal to rebrand the iconic hospitality leader 'MGM Resorts International'. In addition, the Company announced today that it will relaunch its Players Club loyalty program as M life.

MGM MIRAGE (NYSE: MGM) today announced that the New Jersey Casino Control Commission (CCC) approved the settlement agreement between the Company and the New Jersey Division of Gaming Enforcement (DGE) under which the Company will sell its 50% ownership interest in the Borgata Hotel Casino & Spa and related leased land in Atlantic City.

MGM MIRAGE (NYSE:MGM) and New Giza for Real Estate Development - an Egyptian company building a luxury, mixed-use community near the base of the famous pyramids - today announced plans to develop the MGM Grand New Giza. All equity funding for the development will be provided by New Giza for Real Estate Development. MGM MIRAGE will provide management services and brand fees through MGM MIRAGE Hospitality.

Net revenue decreased 20% to $1.5 billion in the first quarter of 2009.

MGM MIRAGE (NYSE:MGM) announced that it has completed its previously announced sale of Treasure Island Hotel & Casino to Ruffin Acquisition, LLC for $775 million. Ruffin Acquisition, LLC is wholly owned by Phil Ruffin.

MGM MIRAGE's (MGM) Rating Outlook remains Negative following the announcement that it entered into an agreement to sell Treasure Island (TI) to Phil Ruffin for $775 million. Fitch believes the gaming operating environment and forward outlook continue to weaken, which offsets MGM's enhanced near-term liquidity profile.

MGM MIRAGE (NYSE:MGM) and Ruffin Acquisition, LLC today announced that they have entered into an agreement whereby MGM MIRAGE, through its wholly-owned subsidiary The Mirage Casino-Hotel, will sell Treasure Island Hotel & Casino to Ruffin Acquisition, LLC for $775 million.

MGM MIRAGE Hospitality, a wholly owned subsidiary of MGM MIRAGE (NYSE:MGM) , announced today the formation of MGM MIRAGE Global Gaming Development, a new division principally focused on MGM MIRAGE's international gaming expansion into new markets.

Collaborative project to be owned and financed by Asian Coast Development and Managed by MGM MIRAGE

MGM MIRAGE (NYSE:MGM) today announced that its Board of Directors has elected James J. Murren as the Company's Chairman and Chief Executive Officer, effective December 1, 2008. J. Terrence Lanni will continue as a member of the Board and will join the Diversity Committee.