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Bloomberg News is reporting that MGM Mirage and Dubai World are in talks with Deutsche Bank AG for the $1.2 billion loan they need to complete their CityCenter project on the Las Vegas Strip, according to three people with knowledge of the discussions. Deutsche Bank may merge its Cosmopolitan Resort & Casino tower, still under construction, with the CityCenter project, and provide the loan in return for an equity and debt stake in the venture, said the people, who declined to be identified because the talks aren’t public.
MGM, Dubai World Said in Talks With Deutsche Bank
(via Bloomberg) · February 23, 2009 · 5:34 PM
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I've been waiting to see what is happening with MGM's money pit. It would seem that MGM is in a bit of a bind, as Dubai is experiencing a rapid decline in their own world, with projects being delayed or canceled. One has to wonder if Dubai might be kicking their behinds, after having invested so many bucks in a far away speculative adventure that is looking as sour as a Mideast hydroponic lemon farm today. It is said that foreigners are leaving their cars, with the keys, in the Dubai airport as they flee to their native countries. For sure, they're not coming to Vegas. This could get verrrry interesting, Arte.