CityCenter Teetering on Brink

by Eric Stoessel March 27th, 2009

A quick follow up to Ed’s post from a couple days ago on bankruptcies…
The news coming out of Las Vegas and MGM Mirage doesn’t look good. The Wall Street Journal reported today that the $8.6-billion development could be preparing for a bankruptcy filing, according to the paper’s sources. The story says MGM Mirage and partner Dubai World are struggling to come up with a $220 million payment. Dubai World earlier this week sued MGM Mirage for raising doubts about the its viability going forward with the project.
So CityCenter could be filing in days and MGM Mirage might not be that far behind? That can’t be good for the future of Las Vegas and the Strip.

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One Response to “CityCenter Teetering on Brink”

  1. Eric Stoessel says:
    March 27, 2009 at 2:13 pm

    A quick update: MGM Mirage will make its $200 million payment, including $100 million which should have come from partner Dubai World. The payment allows construction to continue while the casino operator looks for additional funding. A statement issued by the company says it intends to work with Dubai World, its lenders and others to find a longterm solution to financing the project’s completion.

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