MGM MIRAGE receives bank support to fund CityCenter construction costs
April 14, 2009
MGM MIRAGE announced that it has
received the support of its banks and has entered into an amendment of its
senior credit facility.
Under the newly
obtained amendment, MGM MIRAGE's
senior lenders have provided the company with the ability to pay the full
amount of current construction costs for CityCenter totaling $70 million
due no later than April 17, 2009. This amendment allows MGM
MIRAGE to fund Dubai World's $35
million share, should Dubai World not do so.
MGM MIRAGE
remains committed to finding a long-term solution to the financing of
CityCenter to ensure the completion of this important project.
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