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MGM Mirage Inc. has announced that it has made a $200 million equity contribution due to its $8.7 billion CityCenter development on the Las Vegas Strip. The news came amid swirling rumors that the CityCenter project could be filing for bankruptcy as early as Friday.
MGM included $100 million due by their joint venture partner, Dubai World, to insure that construction continues on the casino, condo and hotel development.
Earlier this week, Dubai World made it clear that MGM shouldn’t count on any future payments from the investment company by filing a law suit against its business partner. Dubai World contends MGM is in breach of their contract due to rising construction costs.
With the payment, MGM released a statement saying that they intend to continue working with Dubai World and their lenders to try and find long term solutions to the project’s financing troubles.
“We will continue to make every effort to see that CityCenter is completed,” Chief Executive Jim Murren said in a statement. “We continue to review with our partners all possible options to keep CityCenter fully funded and on a path to completion.”
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