Print
E-mail
Share
delicious
digg
Newsvine
Facebook
Stumble
Technorati
reddit
Fark
twitter
Bloomberg is reporting that MGM Mirage and Dubai World are late in raising as much as $3.5 billion for the $11.2 billion CityCenter project because banks saddled with debt to casinos and hotels are wary of making new loans. Deutsche Bank AG and Credit Suisse Group, the Zurich-based bank that advised Dubai World last year when it invested $5.1 billion in MGM, are among the holdouts, bankers with knowledge of the matter said. Funding was supposed to be completed by the end of June, MGM Chief Financial Officer Daniel D'Arrigo told analysts in May. The Las Vegas casino industry has been struggling with revenue falling 16 percent in May, the fifth straight monthly decline, amid near-record gasoline prices and rising unemployment in the U.S., according to the Nevada Gaming Control Board.
MGM, Dubai fall behind on $3.5 billion CityCenter plan
(via Bloomberg) · July 29, 2008 · 7:30 AM
Discussion: 1 comment so far...
Post a comment
Elsewhere
Reports from other publications, aggregated by Sun staff, worthy of our readers’ attention.
- Most Read
- Discussed
- Most E-mailed
- Fourth fireworks light up valley sky
- Ensign’s pal lacked usual qualifications for job as senator’s senior aide
- Jay-Z lights up Las Vegas, lives life to the max
- Cousins attracting attention from college football recruiters
- Strip performer is eBay high bidder for Elvis ring
- Las Vegas to sizzle for the Fourth
- Swarm of crickets descends once again on Northern Nevada
- Henderson house fire displaces family of three
- Local conservative radio talk reflects right’s downcast state
- Day 2 of the World Series of Poker main event
Blogs
Elsewhere
Goalie chooses Mudbugs over Wranglers
The Bull's-Eye
Real drama follows Desert Classic victory by 'The Power' (UPDATED)
Elsewhere
Spike TV's 'UFC's Ultimate 100: Greatest Fights' airs tonight
The Kats Report
LV Phil 'Spectacular' at Springs Preserve was great -- for the music
Punchy Points: UFC 100
No. 6: The Ref: Dean relishes role, making right calls (1 Comment)
The Bull's-Eye
Canadian is first in Desert Classic's final four, Barney joins him (UPDATED) (2 Comments)
Sports: Upon Further Review
July 4 at Wimbledon
Calendar
- Blues Monday at the House of Blues (9 p.m. to 11 p.m.)
- Industry Night at XS (10 p.m. to 11:59 p.m.)
- The Automatic Tour at The Square Apple (5 p.m. to 9:30 p.m.)
The Sun
Locally owned and independent for more than 50 years.
It's going to take a banker with some pretty solid nerve to get this financing in place. I hate to say it, but be prepared for that monstrosity to steadily fall behind construction schedule, if not grind to a halt.
I can't wait to hear what the "it's just a little bump in the economy" champions have to say about this. At what point can we all agree that this was too big a project to be done this way? Seems to me a much more phased construction process would have been better. But what do I know? I can't remember the last time any of these developers consulted me...