Nov. 30 (Bloomberg) — MGM Mirage, the Las Vegas Strip’s largest casino owner, is counting on tomorrow’s unveiling of the $8.5 billion CityCenter resort to mark the end of the city’s losing streak and the debt crisis that almost sank the company.
CityCenter, 67 acres of hotels, condominiums, gambling and shopping linked by monorail, opens as Las Vegas’s two-year recession eases. The cost, along with the global credit crunch, drove MGM Mirage stock to less than $2 in March and forced a share sale that loosened founder Kirk Kerkorian’s control. The project’s co-owner, state-owned Dubai World, added a new twist last week when it sought to delay payment on its own debts.
– MGM Mirage Bets on Vegas CityCenter to Lower Debt (Update3) - Bloomberg.com
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POSTED Monday November 30th
