MGM Mirage provided US$200 million (Dh734m) in financing to keep on track a huge Las Vegas leisure complex that it is building jointly with Dubai World yesterday, the company said, after days of uncertainty and legal disputes that brought the project near to bankruptcy.
Dubai World had declined to come up with the financing, arguing in a law suit against MGM Mirage that the American company had mismanaged the $8.8 billion project and was unable to foot its side of the bill.
The CityCenter project, which is the biggest privately financed construction in United States history, is meant to be a crowning achievement for MGM Mirage. It stands on a 67-acre site between the Bellagio and Monte Carlo resorts on the Las Vegas Strip with hotel-condominiums, a casino and a 500,000-sqft shopping centre.
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