Packer And Crown May Invest In MGM CityCenter Casino Project

James Packer has tried unsuccessfully to gain entrance into the casino industry in the US over the past year. Now, the billionaire may have found a perfect fit in the CityCenter casino project in Las Vegas.

MGM Mirage is partnering with Dubai World on the project, but funding for the project is reaching a breaking point. MGM just made a $200 million loan interest payment on Monday, and the company is open to the idea of others coming in to help fund the CityCenter project.

"Crown is always prepared to consider proposals or investment opportunities which are likely to add value for our shareholders," said a spokesman for Packer's Australian casino company, Crown Ltd.

Crown and Los Angeles company Colony Capital LLC would both invest in the project under the reports that surfaced on Friday. The project needs an additional $800 million to ensure that it will be completed as planned.

MGM and Dubai World have been at odds because Dubai has blamed MGM for cost overruns. MGM made the loan payment on their own on Monday, and is being sued by Dubai, so the relationship may be irreparable.

MGM would like to try and complete the project on their own, but many analysts believe they will soon have to come to the realization that it may not be possible.

April 4, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
Submit News!

MGM Turns To Morgan Stanley To Get Casino Finances In Order
Cripple Creek Leading The Casino Gambling Way In Colorado
Lakes Entertainment Joins Casino Battle In Sumner County
With Gambling Down, Casinos Around US Lower The Stakes
Coin Cup Slot Machines Return At Resorts Atlantic City Casino