MGM Resorts International has entered an agreement to expand its non-gaming activities into the People’s Republic of China. MGM Hospitality, in a joint venture with Diaoyutai State Guest House, entered an agreement with Suning Real Estate Group to open its first location in the country – the Suning Bellagio Shanghai Bund hotel. The 200-room hotel will feature retail and entertainment with no plans to include any gaming industry space.
“This strategic partnership with Suning further extends our reach into China, one of the fastest growing hospitality markets in the world,” said MGM chairman and CEO Jim Murren. “Along with our Diaoyutai JV partners, we believe relationships like this with Suning create new opportunities to expand our brand reach into this strategically vital marketplace.”
It’s expected the venue will be complete by 2015 and gives them an even strong foothold on the largest gaming industry continent on the planet.
Macau’s gaming industry regulator has asked Wynn Macau for more information on their parent company’s decision to forcibly buy out its largest shareholder Kazuo Okada. The head of Gaming Inspection and Coordination Bureau, Manuel Joaquim das Neves told Portuguese language daily Ponto Final that more details have been requested, adding: “I suppose they [Wynn Macau] will reply to us rapidly. Then we will look into whether we need to act or not.”
Wynn Resorts made the controversial decision to buy out Okada’s remaining shares after it was revealed they’d been investigating him for over a year. This saw the two sides squabbling yet again with the outcome that Okada is now no longer a part of the firm.