The $8.5 billion CityCenter casino complex designed for the Las Vegas Strip had been stalled over financial issues between two of the funders, but now an agreement has been reached and the mega project is set to complete on time.
"MGM Mirage said Dubai World, the investment arm of the Dubai government, would drop a lawsuit it filed against the Las Vegas-based casino company, which is majority owned by investor Kirk Kerkorian.
The pact secures MGM Mirage's payment obligations for construction costs with its Circus Circus Las Vegas casino and adjacent land. MGM Mirage and Dubai World each agreed to fund their remaining payments for CityCenter with letters of credit, and the lenders agreed to immediately fund $1.8 billion to finish the project, rather than wait until each partner had fully paid its share.
The company said CityCenter is now on track to be open by December 2009, with the Harmon Hotel & Spa opening in 2010."
FULL STORY: MGM Mirage, Dubai reach pact to finish CityCenter
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UCLA Lewis Center for Regional Policy Studies
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