Thursday, 13th June 2024

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MGM to repay $200M debt

The $8.7 billion City Center development avoided bankruptcy filings and possible closures when casino operator MGM Mirage paid $200 million in funding on Friday, allowing construction work to continue on the 76-acre strip site.

MGM Mirage was approved by the company’s senior lenders and included $100 million that was due to be paid by Dubai World, a joint venture partner in CityCenter. The payment also puts discussions on a potential Chapter 11 overhaul of the most expensive commercial development in U.S. history on hold for at least a month.

Work on the complex, which was first announced in 2004 and is expected to begin opening in October, would have been halted by bankruptcy. The city center currently employs about 8,500 construction workers. 에볼루션 바카라사이트

“We are committed to ensuring that this project continues and employs thousands of Nevadans,” MGM Mirage Chairman and CEO Jim Merren said in a statement. “We will continue to make every effort to ensure that the City Center is completed and becomes an even greater economic driver for the region.”

Merren said MGM Mirage, the strip’s largest casino operator and the state’s largest private employer, would continue negotiations with Dubai World, Dubai World’s lenders and others to fully fund the city center.

Dubai World said in a company statement provided to the review journal via Edelman Financial Communications that the payment was a gesture of goodwill and a demonstration of MGM Mirage’s commitment to the project.

“The injection of funds gives the City Center board more time to work through restructuring options,” the statement said. “This is an acceptable, if temporary, solution to the liquidity challenges facing MGM Mirage. Dubai World looks forward to working with MGM along the way and completing projects that benefit all parties.”

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