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Dubai World Pressing CityCenter Partner for Commitment

Monday, April 13, 2009

LAS VEGAS, Nevada -- As reported by the Las Vegas Sun: "Dubai World, which owns half of the financially troubled CityCenter project on the Strip, is pressing CityCenter partner MGM Mirage and
  CityCenter's bank lenders for a commitment that would allow the project to be completed without fear that the project would be thrown into bankruptcy, according to a source familiar with the plan.

A Chapter 11 filing by CityCenter, a joint venture between MGM Mirage and Dubai World, would put the project, and Dubai World's $4.3 billion investment in the resort, at risk.

When banks agreed to lend $1.8 billion for CityCenter in October, they required MGM Mirage and Dubai World to pay about $1 billion, in monthly installments, in return. Those payments began in March and will continue through June. The partners must exhaust those payments before they can tap the $1.8 billion bank loan.

Last month, MGM Mirage made a $200 million payment, which included the company's $100 million payment and an equal payment on behalf of Dubai World, which refused to contribute its portion. About $800 million is left to be paid, and Dubai World, which has sued MGM Mirage over the CityCenter project, appears unlikely to make future payments under the existing schedule. About $800 million remains to be paid before CityCenter can access the $1.8 billion loan.

Dubai World's lawsuit claims the casino giant mismanaged CityCenter, leading to cost overruns and more payments from Dubai World than expected.

Dubai World and MGM Mirage agreed to the payment schedule as a condition of receiving the bank money, which was $1.2 billion short of the $3 billion MGM Mirage sought to complete CityCenter..."

 

MGM MIRAGE
3600 Las Vegas Boulevard South
Las Vegas, NV 89109
Phone: (702) 693-7120
Fax: (702) 693-8626
Website: www.mgm-mirage.com
MGM MIRAGE is one of the world's leading gaming companies. It owns and operates 24 properties located in Nevada, Mississippi and Michigan, and has investments in four other properties in Nevada, New Jersey, Illinois and the United Kingdom. MGM MIRAGE has also announced plans to develop Project CityCenter, a multi-billion dollar mixed-use urban development project in the heart of Las Vegas, and has a 50 percent interest in MGM Grand Macau.
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