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MGM MIRAGE and Dubai World announced they have
definitive agreements to form a
relationship whereby Dubai World will invest
approximately $5 billion in MGM MIRAGE.
The investment consists of $2.7 billion in CityCenter
and up to $2.4 billion in purchases of MGM MIRAGE common
stock.
“This is a transforming event for MGM MIRAGE and Las
Vegas,” said Terry Lanni, Chairman and CEO of MGM
MIRAGE. “This partnership with Dubai World brings us a
relationship with an internationally-respected developer
of large-scale luxury properties that attract an
international clientele.”
CityCenter is a 76-acre mixed-use development located on
The Strip in Las Vegas and developed by MGM MIRAGE. It
represents the next evolution of Las Vegas. When
completed in 2009, it will be one of the great urban
places of the world, a reflection of the best of the
life that we're living today and tomorrow. It will be a
place of continual evolution, richness and diversity - a
place people of all kinds will desire to visit, and
become a part of. Comprised of residences, retail and
entertainment as well as a resort casino.
Click below for more information on CityCenter:
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