MGM MIRAGE provides funds to ensure construction continues at CityCenter
April 20, 2009
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Provided $70 million, including $35 million that
it said should have been funded by partner Dubai World, to cover the current
construction costs for CityCenter
MGM MIRAGE announced that, as permitted under the terms of the company's previously announced amendment of its senior credit facility, it has provided $70 million to cover the current construction costs for CityCenter. The payment by MGM MIRAGE includes $35 million that should have been funded by Infinity World, a subsidiary of Dubai World.
"MGM MIRAGE remains dedicated to supporting the completion of CityCenter, recognizing the significant long-term value this development will provide to Las Vegas and the state of Nevada," said Jim Murren, Chairman and CEO of MGM MIRAGE. "MGM is determined to make CityCenter a success and we continue to review with our partners all options to keep CityCenter fully funded. We are continuing to engage in constructive discussions with our senior lenders and the CityCenter lending group and we appreciate the support of the involved parties."
MGM MIRAGE announced that, as permitted under the terms of the company's previously announced amendment of its senior credit facility, it has provided $70 million to cover the current construction costs for CityCenter. The payment by MGM MIRAGE includes $35 million that should have been funded by Infinity World, a subsidiary of Dubai World.
"MGM MIRAGE remains dedicated to supporting the completion of CityCenter, recognizing the significant long-term value this development will provide to Las Vegas and the state of Nevada," said Jim Murren, Chairman and CEO of MGM MIRAGE. "MGM is determined to make CityCenter a success and we continue to review with our partners all options to keep CityCenter fully funded. We are continuing to engage in constructive discussions with our senior lenders and the CityCenter lending group and we appreciate the support of the involved parties."
