Dubai World describes a last-minute US$200m (Dh734.6m) payment by MGM Mirage for the CityCenter project in Las Vegas a “sign of good faith”.
The payment temporarily ensured that construction would continue on the $8.8bn casino and property project, which has fallen victim to the global shortage of credit and a drop in gambling in the US.
CityCenter is a 31-hectare project that includes several casinos, hotels, a new retail complex and other office and residential buildings on the Las Vegas Strip. It has been reported to be the largest privately financed construction project in the US.
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