Australian billionaire and gambling magnate James Packer is weighing a stake in City Center, the troubled $8.6 billion Las Vegas development owned by MGM Mirage and Dubai World, according to a person familiar with the matter.
Mr. Packer, whose Melbourne-based gambling company, Crown Ltd., has casinos in Australia and China, is discussing the possibility of an investment in the project with Colony Capital LLC, a Los Angeles-based investment firm, the person said.
Colony and Crown "would step in and take over the funding requirements. The idea is to keep City Center going," said the person. MGM Mirage shares spiked 48% to $4.65 in 4 p.m. New York Stock Exchange composite trading on Friday.
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