Buyout firm Colony Capital LLC has held discussions with MGM Mirage and Dubai World that include a possible investment in the unfinished CityCenter project on the Las Vegas Strip, said a person familiar with the discussions.
It isn’t certain whether the talks will lead to an investment in CityCenter, said the person, who declined to be named because discussions are private.
An infusion would bolster cash-strapped MGM Mirage and CityCenter, the biggest project on the Las Vegas Strip with a casino, hotels, apartments and shopping. The multibillion dollar development, due to open in December, is threatened by cost overruns, MGM Mirage’s debt problems and a global recession that led to the Strip’s biggest gambling decline on record last year.
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