Embattled Las Vegas Mega Project to Finish

The $8.5 billion CityCenter casino complex designed for the Las Vegas Strip had been stalled over financial issues between two of the funders, but now an agreement has been reached and the mega project is set to complete on time.

"MGM Mirage said Dubai World, the investment arm of the Dubai government, would drop a lawsuit it filed against the Las Vegas-based casino company, which is majority owned by investor Kirk Kerkorian.

The pact secures MGM Mirage's payment obligations for construction costs with its Circus Circus Las Vegas casino and adjacent land. MGM Mirage and Dubai World each agreed to fund their remaining payments for CityCenter with letters of credit, and the lenders agreed to immediately fund $1.8 billion to finish the project, rather than wait until each partner had fully paid its share.

The company said CityCenter is now on track to be open by December 2009, with the Harmon Hotel & Spa opening in 2010."

Full Story: MGM Mirage, Dubai reach pact to finish CityCenter

Comments

Prepare for the AICP* Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245
AICP CTP Storefont Display

The first online AICP* CTP exam prep class

Are you ready to take the AICP* Certified Transportation Planner exam?
Priced at $245 for May exam!
Women's t-shirt with map of Los Angeles

City T-Shirts for the ladies!

Women's Supersoft CityFabric© Fashion Fit Tees. Now available in six different cities.
$24.00
Red necktie with map of Boston

Tie one on to celebrate your city

Choose from over 20 styles of neckties imprinted with detailed city or transit maps.
$44.95