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StumbleReuters is reporting that casino operator MGM Mirage and partner Dubai World have failed to reach a deal with Deutsche Bank AG over the final $1.2 billion in financing for their Las Vegas Strip CityCenter project, according to industry sources. The talks involved an arrangement under which Deutsche Bank would contribute its Cosmopolitan resort to CityCenter and provide a $1.2 billion loan, potentially in return for an equity stake in the MGM property.
MGM Mirage, Deutsche Bank financing talks fail
(via Reuters) · March 4, 2009 · 11:14 PM
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At first, I took the story about MGM Mirage negotiating to include Cosmopolitan in their complex at face value and thought it sounded like a reasonable plan.
Now I realize that it may have been the common ploy of developers of failing projects...put out press releases, leads and leaks with "false hopes" as a means of making creditors think "everything is going to be all right". In the case of MGM Mirage, I hope that was not their plan.
Maybe we should not be surprised that the "talks collapsed". Negotiating with Deutsche Bank is like trying to negotiate with a Panzer Division while sitting on a Polish cavalry horse.