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MGM plans hotel in China

June 20, 2008|From Times Wire Services

MGM Mirage Inc. has announced plans for a joint venture on a nongambling hotel in mainland China.

The mixed project in Tianjin, China -- to be led by the Las Vegas-based casino company's hospitality arm -- would include a luxury hotel, condominiums, a spa, offices and restaurant facilities. The Chinese partner is Diaoyutai State Guesthouse.

Deutsche Bank analyst Bill Lerner said the deal could generate about $200 million in yearly cash flow for MGM.

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