MGM Mirage, Egyptian Partner To Build Cairo Resort

LAS VEGAS (AP) — Casino operator MGM Mirage says that it is teaming with an Egyptian developer to build a resort outside Cairo.

The Las Vegas-based company said Tuesday that the MGM Grand New Giza will receive equity funding from New Giza for Real Estate Development and be managed by MGM through its hospitality division. Further financial details were not disclosed.

The MGM Grand New Giza will house 550 rooms and an electric train will provide access to the Egyptian antiquities museum, which is under construction.

The resort will be part of a development that will include homes, three hotels, restaurants, shopping malls, a golf course and sporting facilities.

The MGM Grand New Giza is targeted to open in 2013.

MGM Mirage shares rose 18 cents, or 2.8 percent, to $6.71 in premarket trading.