MGM MIRAGE provides funding; CityCenter stays on track
MGM MIRAGE announced that it is, with the authorization of its senior lenders, providing $200 million of funding to CityCenter to satisfy the required sponsor equity contributions due on or about March 24, 2009. The funding includes $100 million which should have been funded by Dubai World. This allows construction to continue while MGM MIRAGE seeks additional funding for CityCenter.
MGM MIRAGE intends to work with Dubai World, its lenders and others to find a long-term solution for the financing of CityCenter's completion.
With today's funding, the remaining combined equity contributions necessary to access the CityCenter credit facility are approximately $800 million.
"MGM MIRAGE believes that CityCenter is of vital importance to Las Vegas and the state of Nevada," said Jim Murren, Chairman and CEO of MGM MIRAGE. "We are doing our utmost to see that this project continues, keeping thousands of Nevadans employed. We will continue to make every effort to see that CityCenter is completed and becomes an even greater economic driver for the region. We appreciate the support of our senior lenders and the CityCenter lending group. We continue to review with our partners all possible options to keep CityCenter fully funded and on a path to completion."