Kerzner International Holdings Limited and Istithmar Hotels FZE announced on September 11th that the companies have entered into joint venture agreements to develop a multi-billion dollar integrated resort property on the Las Vegas Strip.
MGM MIRAGE will provide the land and Kerzner and Istithmar will provide cash equity. MGM MIRAGE, Kerzner and Istithmar will own 50 percent, 25 percent, and 25 percent, respectively of the newly formed joint venture. The land being contributed by MGM MIRAGE is being valued at $20 million per acre. The new integrated resort complex is anticipated to be a multi-billion dollar project and will be financed through equity contributions and third-party debt financing, according to a press release.
The press release further states that Kerzner will lead the planning and conceptualization of this project. The joint venture is expected to draw upon MGM MIRAGE's substantial presence and experience in Las Vegas and Kerzner's experience in developing and operating some of the world's most recognized and successful destination resorts.
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