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Dubai World Responds to MGM Mirage’s Payment

Posted on Monday, March 30th, 2009 at 10:26 am | Leave a Comment
By: Las Vegas Now Staff

Dubai World says MGM Mirage's $200 million equity payment that saved their joint casino project in Las Vegas from bankruptcy is “a sign of good faith.”

But Dubai World said Sunday that the payment is only a “temporary solution” to liquidity problems the casino giant is facing amid a slowdown in gambling revenue.

Dubai World says that the financial injection into the $8.7 billion CityCenter gives its board “more time to work through restructuring options.”

MGM Mirage and Dubai World are equal partners in CityCenter. Its funding remains uncertain, although its first stage is due to open later this year.

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