Colony Capital, the real-estate-focused private equity firm, is considering making a loan to MGM Mirage to help the struggling casino operator refinance some of its debt, a person briefed on the talks told DealBook on Monday.
By making a loan to MGM Mirage, secured by at least one casino — as opposed to simply investing in its CityCenter development in Las Vegas — Colony could potentially gain access to at least one of MGM Mirage’s lucrative properties. MGM Mirage is seeking to ways to help finance the completion of CityCenter, a sprawling residential and casino project whose future has been called into question amid growing concern over its parent’s financial straits.
Colony is still in talks with MGM Mirage and its CityCenter partner, Dubai World over a variety of potential actions, and it may decide not to make an investment or loan at all, this person cautioned.
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