Las Vegas – MGM Mirage has reported that it completed the first stage of its $3-billion financing package for CityCenter, a $9.2-billion Las Vegas Strip casino project being developed with Dubai World (see RMC, Sept. 8, 2008).
MGM said it had secured a $1.8-million senior bank credit facility that will mature in April 2013, according to an Associated Press report.
CityCenter has received addition commitment letters of more than $500 million, which executives said will be added to the facility once completed.
CityCenter, which MGM Mirage officials describe as the most expensive private commercial development in United States history, is expected to include six high-rise towers with a 4,000-room hotel-casino, condominiums, boutique hotels, and a retail, dining and entertainment complex.
This summer, executives said the project ran into delays securing financing because of trouble in the global financial markets.
