Gaming Commission OKs Dubai World-MGM partnership

By Richard N. Velotta (contact)

Thursday, Nov. 20, 2008 | 11:57 a.m.

The Nevada Gaming Commission has approved the licensing of Dubai World, a government-owned megacorporation based in the United Arab Emirates, as a partner of MGM Mirage.

The unanimous vote came before a broad audience of regulators from around the world, in Las Vegas for the Global Gaming Expo.

Dubai World, a 50-50 partner in MGM Mirage's massive CityCenter project under construction on the Las Vegas Strip, has invested some $6 billion in the Nevada company.

CityCenter is expected to employ 14,000 workers when completed.

Dubai World executives were introduced to commissioners by newly named MGM Mirage chief executive Jim Murren, who will succeed longtime boss Terry Lanni on Dec. 1.

Murren said the partnership with Dubai World is "creating jobs supported by investment capital" from overseas.

Long term, Dubai World and MGM Mirage plan to develop resort properties worldwide.

Gaming regulators from the states of Pennsylvania and Michigan and government officials from Singapore and Vietnam were present at the meeting. MGM Mirage earlier in the week announced plans to develop a resort in Vietnam. About 15 Vietnamese leaders watched the commission deliberate the Dubai World presentation.