The property is located at the corner of Las Vegas Boulevard and Sahara Avenue. Kerzner will lead the planning and conceptualization of this project, according to the two parties. Per the tentative agreement, MGM Mirage would contribute the land, valued at $20 million an acre, and Kerzner International and one of its financial partners would provide an equal amount of cash equity. No determination has been made with regard to branding.

Kerzner International chairman Sol Kerzner says he has studied the Las Vegas market "for some time" and, given the site and the two companies combined experience developing destination resorts, believes "this is an outstanding opportunity to create one of the most innovative and exciting destination resorts in the world." MGM chairman Terry Lanni says the partnership is a way for the company to leverage its land and development experience and accelerate growth while conserving capital for additional opportunities. "We see this type of relationship as a major part of our company's future," he says.

MGM in May paid two different owners $576 million, about $17 million per acre, for 33.5 contiguous acres that abut MGM's existing assets there as well as Las Vegas Boulevard, giving the company a total of 102 acres to master plan. When MGM Mirage put the properties under contract in April, company CFO Jim Murren intimated that the company would take on a partner with which it would design an integrated resort, adding that he already had received "significant interest" from third parties.