MGM Mirage, Dubai World, Banks Would Commit to Chip in Billions to Ensure Massive Casino and Resort Is Finished
Dubai World, in an effort to save the troubled City Center development in Las Vegas and its relationship with co-investor MGM Mirage, is proposing the two and their lenders pledge billions still needed to complete the project, according to people familiar with the matter.
Work at the $8.6 billion resort and casino development is in danger of halting due to financing woes and a dispute between the joint owners. The proposal calls for Dubai World, MGM Mirage and lenders to commit a combined $3 billion.
City Center's fate has been in doubt in part because MGM Mirage's financial situation has worsened. Dubai World, a conglomerate led by Chairman Sultan Bin Sulayem and owned by the government of Dubai, is suing MGM Mirage for alleged mismanagement and cost overruns at the project. Last month, it skipped its half of a $200 million construction payment.
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