$200 million of funding includes $100 million which should have been funded by Dubai World
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.
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.
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."
MGM MIRAGE provides funding; CityCenter stays on track
March 27, 2009