Vegas venture a good bet despite losses, MGM says

* username: rupertbu

MGM Mirage, Dubai World’s joint venture partner in the US$8.5 billion (Dh31.22bn) CityCenter complex in Las Vegas, is anticipating that the resort will provide a much needed boost to the company’s bottom line.

Jim Murren, the chief executive of MGM Mirage, made the comments after the gaming operator on Thursday reported a fourth quarter loss of $433.9 million, worse than analysts had expected.

Dubai World, through its subsidiary Infinity World, owns 50 per cent of CityCenter, which opened in December amid slumping revenues, soaring unemployment and foreclosures in the US desert city. Dubai World, which is working on restructuring $22bn of debt, also took a 9.5 per cent stake in MGM Mirage in 2007.