Friday, March 27, 2009 | 12:49 p.m.
The following letter was sent to MGM Mirage employees from CEO James Murren:
There has been an extraordinary amount of rumor and speculation in recent days about the future of CityCenter. I want to share with you the plain and simple facts about where we are right now.
Let me make this very clear at the outset: MGM MIRAGE has not filed for bankruptcy, and CityCenter has not filed for bankruptcy. Any suggestion that either has is inaccurate.
Today, MGM MIRAGE received permission from its lenders and is making the $200 million March payment required to ensure that construction continues at CityCenter. This includes MGM MIRAGE’s $100 million contribution as well as the $100 million contribution that our partner, Dubai World, should have tendered but did not make.
The action we have taken today allows CityCenter construction to continue to progress and provide the thousands of jobs and other benefits to our local and state economy.
Let me reiterate what I have said many times before: MGM MIRAGE remains deeply committed to successful completion of CityCenter and fulfillment of the economic and social promise that it holds for the future of our Company, our Las Vegas community and our state. To that end we are pursuing all possible options with our partner, Dubai World, our lenders and others to secure the financing that will allow us to cross the finish line of this historic endeavor.
There is little doubt that you will continue to see and hear stories from others about what the future holds for us. I ask that you please reserve judgment on what you hear while your leadership does the vital work necessary to protect our Company’s and your interests. You can be assured that I will continue to update you as often as I can with accurate information. That is my pledge to you.
Thank you for your continued support.
James J. Murren
Chief Executive Officer & Chairman of the Board