China welcomes MGM Resorts

MGM Resorts International is partnering with Diaoyutai State Guesthouse to open hotels in Beijing, Sanya, Tianjin, Chengdu and Shanghai between 2011 and 2014. The Diaoyutai Art Hotel in Beijing will open August 2011.
MGM Resorts emphasizes it is not affiliated with MGM Studios, which is a separate entity with no common ownership. The latter filed for bankruptcy on November 3.
James J. Murren, chairman and CEO of MGM Resorts, said the brand has broader business interests than just its Las Vegas and Macau casino businesses. It has changed its name from MGM Mirage to MGM Resorts International.
Diaoyutai MGM Hospitality, a joint venture between Diaoyutai State Guesthouse and MGM Resorts International, will be responsible for development on the mainland.
China.org.cn reports that in Macau, MGM’s joint venture with Pansy Ho, daughter of casino figure Stanley Ho, has been developing smoothly. Murren said the company’s property business in Macau is becoming increasingly profitable.