Just yesterday, MGM Mirage and Dubai World reached an agreement on a revised joint venture agreement on a comprehensive plan to fully fund the completion of CityCenter so it can open on time this year!
This plan states that Dubai World and MGM Mirage will fund their remaining equity contributions to CityCenter through lines of credit. In addition, CityCenter lenders will immediately fund 1.8 billion towards the project. Additionally, Dubai World will dismiss its lawsuit which was filed against MGM Mirage back in March.
“We are pleased that MGM MIRAGE and Dubai World, with the strong support of CityCenter’s lenders, have agreed to a comprehensive plan for the financing and completion of CityCenter,” said Jim Murren, Chairman and CEO of MGM MIRAGE and Chris O’Donnell, Dubai World’s Director of the CityCenter joint venture. “CityCenter is now fully funded and on track to open in December 2009,” they said.
“CityCenter will be unlike anything anyone has seen in Las Vegas or anywhere else. We are confident in the potential of CityCenter to contribute significantly to our cash flow,” said Mr. Murren. “CityCenter is a powerful engine for growth and employment in Las Vegas and Nevada. With all funding in place, we will focus, along with our partner, on planning for an exciting opening in December and continuing to book rooms and conventions. We appreciate greatly the strong support of our lenders, who share our vision as to the importance of this project to the Las Vegas community and the entire state of Nevada.”
It looks as though project CityCenter is back on track to open up towards the end of this year as Dubai World dismisses their lawsuit against MGM Mirage allowing everyone to get back to work!Tags: City Center Las Vegas, City Center Lawsuit, MGM Mirage Las Vegas