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Thursday, 4 November 2010

MGM Resorts, Dubai World Refinancing Deal Sad Commentary On Debt Markets | Markets |

Last week I just had to sit up and take notice when I saw this article over at Bloomberg on the CityCenter project. It starts out well enough:

MGM Resorts International (MGM) and Dubai World, owners of the CityCenter development on the Las Vegas Strip, are seeking to refinance the property’s $1.8 billion loan to extend maturities.

MGM Resorts, the biggest casino operator on the Strip, would like to own all of CityCenter eventually, Chief Executive Officer Jim Murren said today in an interview. No buyout talks have been held with Dubai World, but the partnership has a five-year agreement that gives MGM the right to purchase the other’s half if it’s sold, Murren said.