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MGM Mirage Doubles Down on Global Market
Vegas brand expands to Asia, Middle East despite industry woes
By Jason Farago
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Posted May 20, 09 8:32 AM CDT
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(Newser)
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With the hospitality business gasping for air and its own core business in trouble, MGM Mirage is going global in hopes of building its brand well beyond Las Vegas. Having sealed eight deals with hotel developers and in talks with 10 more, the company will introduce the Bellagio and MGM Grand brands to Asia and the Middle East, the Wall Street Journal reports.
Egypt, the United Arab Emirates, China, and Vietnam are some of the places where MGM Mirage hopes to buck the trend of dropping occupancy rates and a turn away from conspicuous consumption. Outside companies are building the new properties, which MGM Mirage will brand and manage. "We want to leverage our brands without any capital," said one exec.