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MGM Mirage the second largest casino company in the world is currently working on diversifying their business. There are many casino properties owned by the company but their CEO J. Terrence Lanni is currently looking into making MGM Mirage more then just a casino company.
They have just opened up a casino property in Macau, China and their profits are soaring. You would think they would be happy and continue opening up casinos but Lanni has bigger plans. He is not walking away from casinos but is adding a new business to MGM Mirage which is called MGM Mirage Hospitality. These are generally non-casino properties with the MGM name. By 2010, MGM Mirage Hospitality is planned to have more then 15 non-casino properties. By expanding the business MGM Mirage is finding other revenue streams without much liability because they are licensing their name without putting money upfront.
This is not to say that MGM Mirage is not currently building any more casinos. They are currently underway in a multi billion dollar project on the Las Vegas Strip that will be completed in 2012. They are also currently planning a $5 billion casino complex in Atlantic City.
Source: forbes.com
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