Casino operator Crown says it is not in talks with MGM or Dubai World to invest in the City Center development in Las Vegas. "It is Crown's policy not to comment on speculation,'' Crown said in a statement today. "However, as there has been widespread media speculation over the weekend that Crown is considering a direct investment in the City Center...
New York (Reuters) - CityCenter, an USD 8 billion Las Vegas project owned by MGM Mirage and Dubai World, won a reprieve on Friday when MGM committed USD 200 million to allow construction to continue while project leaders seek additional funding. "MGM Mirage intends to work with Dubai World, its lenders and others to find a long-term solution for the financing of CityCenter's completion," MGM said in a statement.
The dispute between CityCenter developers MGM Mirage and Dubai World could land the giant project on the Las Vegas Strip in bankruptcy court. An insider at MGM Mirage on Thursday night confirmed that the CityCenter joint venture has hired the law firm Dewey & LeBoeuf, potentially for a bankruptcy filing if that becomes necessary. The source, who is familiar with negotiations that took place Thursday on the future of CityCenter, stressed that MGM Mirage itself did not hire the bankruptcy counsel.
Las Vegas: The Dubai developer building an USD 8.6 billion complex on the Las Vegas Strip with casino company MGM Mirage Inc. is suing MGM Mirage because it's worried about the project's viability. Dubai World subsidiary Infinity World claims in a lawsuit filed Monday in Delaware Chancery Court that MGM Mirage's statements about its financial condition put the project at risk. Dubai World's general counsel, George Dalton, in particular cited concerns about a statement in MGM Mirage's annual report...
Dubai’s investment arm was given permission to increase its ownership of MGM Mirage last week, but one of its executives said that won’t happen until market conditions warrant such a move. The Nevada Gaming Commission found Dubai World a suitable business and joint venture partner for MGM Mirage. Last year, Dubai World invested roughly USD 6 billion to acquire 9.4 % of MGM Mirage’s outstanding shares and a 50 % interest in the USD 9.1 billion CityCenter development, which is now under construction.
