MGM brings luxury to the pyramids.
MGM Mirage and New Giza for Real Estate Development are planning a luxury hotel near the base of the famous Giza pyramids, with the Egyptian developer providing the funding. The casino operator, which has a pyramid theme and is controlled by billionaire investor Kirk Kerkorian, has been in turmoil in recent months as it struggles to pay down more than $14 billion in debt as casino revenue continues to decline. MGM Mirage recently launched a separate hotel division and has struck deals with developers to spread its brands around the world. In the past, MGM Mirage has struck joint-venture partnerships with real-estate developers and other casino operators. – From WSJ