It came as good news for MGM Resorts International (MGM) over the weekend when city-state Dubai announced that it won’t need another financial bailout this year.
Dubai World, a debt-ridden offshoot of the emirate, is a 50-percent partner with MGM in CityCenter, as well as a major holder of MGM stock.
Last year, much to the embarrassment of Dubai leader Sheik Mohammed bin Rashid Al Maktoum (a major player in the U.S. thoroughbred racing industry), Dubai needed a $10 billion bailout from its oil-rich neighbor, Abu Dhabi. That triggered reports that Dubai World would be forced to sell some of its holdings to address its major debt problems.
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