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Australian businessman weighing CityCenter investment
Friday, April 3, 2009 | 6:18 p.m.
Sun archives
- CityCenter contingency plan emerges; investor shows interest (3-28-09)
- CityCenter safe — for now (3-28-09)
- In a recession, a delay could be seen by rivals as a positive development (3-28-09)
- Shutdown would leave few other options for many in construction (3-28-09)
- A financial history of the CityCenter project (3-28-09)
- Letter sent to MGM Mirage employees from CEO James Murren (3-27-2009)
Australian billionaire and casino magnate James Packer is considering an investment in CityCenter, the Wall Street Journal reported Friday.
Packer's casino company, Crown Ltd. Of Australia, owns a 19.6 percent stake in the Fontainebleau resort under construction in Las Vegas and recently canceled a planned purchase of Cannery Casino Resorts of Las Vegas for $1.8 billion in exchange for the option to buy the company in pieces over time.
Wednesday, sources confirmed a Wall Street Journal report that Colony Capital – another deep-pocket casino investor with Las Vegas gaming assets – had expressed interest in a CityCenter stake.
CityCenter partners MGM Mirage and Dubai World say it's in their economic interest to finish the project, which is supposed to open in stages later this year. But MGM Mirage is at risk of filing for bankruptcy protection, which could trigger a bankruptcy filing by the CityCenter joint venture by jeopardizing MGM's ability to continue funding for CityCenter.
And Dubai World is suing MGM Mirage, claiming MGM mismanaged CityCenter, which led to cost overruns. Dubai World refused to pay its half of a $200 million CityCenter payment due last month, forcing MGM to make Dubai World's payment.
MGM shares rose more than 48 percent today to $4.65 per share, rising further in after-hours trading.
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Now there is a buyer who can really help MGM out. Colony alone won't be able to do it, but with Packer on board they may actually be able to secure the take-out commitments.
It is a real pity that a great company like MGM Mirage got itself into this trouble as result of recklessness of a few senior executives. I surely hope that this nightmare is finally over for them, for the sake of their hard-working employees, who had absolutely nothing to do with the making of this mess.
Yep, it was the recklessness of those darn MGM Execs! How dare they take a parking lot and employee 8,000 people for something on the order of 2-3 years to build a few small buildings that will have a permanent staffing level of 12,000 people. Damn they iz a bunch o' idjits, right aml? Hmmmm A bunch of new jobs where once there was asphalt. Yep, total recklessness. I wonder how many of those newly hired people will agree with you aml.
Sorry to burst the bubble, but James Packer is regarded as the dumb son of his legendary father, Kerry. The Sydney Morning Herald has been roasting him and his sister Gretyl for their sour business deals, especially after the Cannery/Rampart fiasco, which will cost them hundreds of millions of dollars. Kerry was a sharp guy, but sometimes, the apple falls far, far from the tree....