Two Way Hard Three | Las Vegas Casino & Design Blog

April 10, 2009

UPDATED: Dubai to MGM: Never-mind, Our Bad

Posted by Hunter

It seems Dubai World has floated a proposal in the drama that is CityCenter.

http://online.wsj.com/article/SB123939646828409297.html

Hopefully you can read that (I will post a free link when/if I can) but it basically sounds like they're saying that all the parties should agree to fund the rest of the project - you know, kinda like the original plan they had when they struck their deal in the first place.

Under this plan, MGM Mirage, Dubai and the banks would remove some of the contingencies surrounding the final $3 billion (every time, this number seems different) in funding required to finish the project.

Also, a different story from the RJ about MGM Mirage about the banks letting them continue to go along alone, without DW:
http://www.lvrj.com/news/breaking_news/42822312.html


Categories: Business of Gaming, CityCenter, Las Vegas Strip, MGM Resorts International
Tags: dubaiworld, lasvegas, mgm, mgmmirage, project citycenter, projectcitycenter, vegas


Comments

Read archived comments (6 so far)
April 10, 2009 4:33 PM Posted by Hunter

Reuters reporting on the same story:
http://www.reuters.com/article/marketsNews/idINN1033458020090410?rpc=44

April 10, 2009 4:40 PM Posted by mike_ch

The WSJ story can be read in full when you access it through Google News, but not the link above. Huh.

Seems like the kind of news where you need to wait 24-48 hours for it to shake out. Everything seems kind of vague. You can 'propose' to do whatever.

April 10, 2009 4:41 PM Posted by Hunter

Yeah, I agree.

The WSJ article was comedically short and refers to the plan as 'bold', which struck me as funny since it doesn't sound all that bold to me.

April 10, 2009 7:11 PM Posted by Arthur

Everytime anyone wants to see a WSJ article but does not want to register, just post the article link into Google and Google will pop it up and you can access it full from there.

April 11, 2009 5:53 PM Posted by Hunter

In case you haven't seen these, kinda interesting CityCenter construction videos:

Veer: http://videos.howstuffworks.com/science-channel/36225-build-it-bigger-building-the-veer-video.htm

ARIA: http://videos.howstuffworks.com/science-channel/36224-build-it-bigger-aria-hotel-casino-video.htm

April 15, 2009 6:16 PM Posted by Brian Fey

http://www.cnbc.com/id/30227043 If you start watching the video on this page about 5:15 into the video, you can see Donald Trump has no idea what he is talking about, when it comes to City Center. He's saying the project is 12 Billion, and saying the cost overruns will end up being up to 7,8-10 Billion. Nothing pisses me off more, than when people go throwing around stats, that are so misleading. I watched this live this morning on CNBC Squawk Box this morning. No question Trump is talented, but he's really speaking to numbers of which he's so far off, he shouldn't really be even talking about. Why does this matter ? Because this company has already been crushed, and now we have him spreading more bad, and wrong negative news. MGM should at least issue a new press release, restating the final cost of City Center, which we all are told is just over 9 Billion, not the 12 Billion Trump stated. And MGM can re-coop a lot of this back, in time, by the way of condo sales.