Las Vegas NowMGM Mirage Announces Plan to Fund CityCenter
The MGM Mirage has announced that its CityCenter project is now fully-financed and the $8.5 billion dollar complex will be finished.
"Under the plan, Dubai World and MGM MIRAGE will fund their remaining equity contributions to CityCenter through letters of credit. In addition, CityCenter's lenders will immediately fund the full $1.8 billion senior secured credit facility," according to a news release from the gaming giant.
There was a hint that the company might be making a major announcement when MGM Mirage halted stocking trading earlier in the day.
"We are pleased that MGM MIRAGE and Dubai World, with the strong support of CityCenter's lenders, have agreed to a comprehensive plan for the financing and completion of CityCenter," said Jim Murren, Chairman and CEO of MGM MIRAGE and Chris O'Donnell, Dubai World's Director of the CityCenter joint venture.
They say the project is on track to open in December 2009. The project is expected to create thousands of jobs.
Comments Terms of Use: We welcome your participation in our community. Please keep your comments civil and on point. You must be at least 13 years of age to post comments. By submitting a comment, you agree to these
Terms of Service
You must be logged in to leave a comment. Login or register See all comments |
