Kerzner owns the Atlantis properties in the Bahamas and the One & Only-branded luxury hotel chain. Istithmar Hotels FZE, an investor in Kerzner, is a wholly owned subsidiary of Istithmar PJSC, the investment company of Dubai World, a Dubai government entity that recently bought a 50% stake in MGM Mirage's CityCenter development at the heart of the Las Vegas Strip for $2.7 billion and is acquiring as much as $2.4 billion of MGM Mirage common stock.

Per the development agreement for the North Strip site, MGM Mirage will provide the land for the multibillion-dollar integrated resort and retain a 50% stake while Kerzner and Istithmar provide cash equity in exchange for 25% stakes. The land being contributed by MGM Mirage--40 acres, most of which it acquired earlier this year--is being valued at $20 million per acre.

Kerzner will lead the planning and conceptualization of this project. The new resort will front the corner of Las Vegas Boulevard and Sahara Avenue, across Las Vegas Boulevard from the Sahara Hotel & Casino, which was recently sold for between $300 million and $400 million to a new ownership group that plans to renovate and revitalize the 55-year-old, 1,700-room property.