Dubai World And MGM Mirage Near CityCenter Casino Resolution

Dubai World and MGM Mirage have not had themselves the best of partnerships as of late. The two companies partnered on the CityCenter casino project in Las Vegas, but they have not exactly seen eye to eye on how the project was to proceed.

After months of allegations and negotiations, it appears as though Dubai World and MGM Mirage may finally be ready to put their differences behind them and move along the path of completing the project.

"We cannot comment on specifics of our discussions but we continue to be fully committed to completing CityCenter," said George Dalton, Dubai World's general counsel, "and we continue to work with our partners and the lenders to seek a solution."

That solution has been reported to have already been found. According to the Wall Street Journal, MGM, Dubai World, and lenders are close to signing a deal that would give the CityCenter project a $3 billion boost.

Any agreement of that magnitude would guarantee that the project is completed and opened by the fourth quarter. That would be exactly on the time frame that was projected. The deal would also be a shot in the arm for MGM stock, which has already started to rise over the past week.

It has been a busy couple of weeks for MGM. First, they made the $200 million loan interest payment. Then, late in the week they reportedly brought in Morgan Stanley to help sell off two of their casino properties. Now, with the news of an agreement with Dubai World, the stock may rise even higher as investors become more secure.

April 11, 2009
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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