Role Also Includes Development and Design Advisory Services
BLOOMFIELD HILLS, Mich., Sept. 20 - Taubman Centers, Inc. (NYSE: TCO) today announced that it has finalized an agreement with MGM MIRAGE (NYSE: MGM) to lead the retail leasing and provide development and design advisory services for Project CityCenter, a multi-billion dollar mixed-use urban development project in the heart of Las Vegas.
Sixty-six acres of prime land along the Las Vegas Strip between Bellagio and Monte Carlo casino resorts will be transformed into a master-planned urban environment. The entire project is scheduled to open in late 2009.
"We are thrilled to be playing an important role in one of the most exciting mixed-use developments ever undertaken in the United States," said Robert Taubman, chairman, president and CEO of Taubman Centers, Inc. "Our organization is energized by this extraordinary opportunity to work with MGM MIRAGE. We're confident that our unique experience with high-end, point-of- difference retail and our relationships with leading merchants around the world will complement and help fulfill the vision for this world-class complex."
"Taubman's depth of experience and global connections will go far in achieving our goal of delivering the best possible combination of elements for this unique urban-like district on the Las Vegas Strip," said Frank Visconti, President of Retail for MGM MIRAGE. "The retail, dining and entertainment venues will play an integral role in the personality, atmosphere, and ultimately, the success of CityCenter. The mood and environment created by them will be one of the trademarks of this new Las Vegas experience."
Project CityCenter will be developed over time into a master-planned urban complex. The first phase will include the development of 18 million square feet of space consisting of a 4,000-room hotel/casino, additional boutique hotels to be operated by world-famous hoteliers not currently represented in Las Vegas, approximately 500,000 square feet of retail shops, dining and entertainment venues, and 1,640 luxury condominium and hotel/condominium units.
The term of the fixed-fee contract between MGM MIRAGE and Taubman is approximately 25 years, effective June 1, 2005.
Taubman Centers, a real estate investment trust, owns and/or manages 23 regional and super regional shopping centers in 11 states. The company is headquartered in Bloomfield Hills, Mich. Additional information about Taubman Centers can be obtained from the company's website at http://www.taubman.com .
MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected hotel and gaming companies, owns and operates 24 properties located in Nevada, Mississippi and Michigan, and has investments in four other properties in Nevada, New Jersey, Illinois and the United Kingdom. MGM MIRAGE has also announced plans to develop Project CityCenter, a multi-billion dollar mixed- use urban development project in the heart of Las Vegas, and has a 50 percent interest in MGM Grand Macau, a development project in Macau S.A.R. MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE also has been the recipient of numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs. For more information about MGM MIRAGE, please visit the company's website at http://www.mgmmirage.com .
This press release contains forward-looking statements within the meaning of the Securities Act of 1933 as amended. These statements reflect management's current views with respect to future events and financial performance. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to changes in general economic and real estate conditions, changes in the interest rate environment and availability of financing, and adverse changes in the retail industry. Other risks and uncertainties are discussed in the company's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.
