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 provides funds to ensure construction continues at CityCenter
April 20, 2009