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MGM Mirage, Dubai World and their lenders have hammered out a deal to finish a $8.5 billion Las Vegas Strip CityCenter development.
The news sent its shares soaring, up over 44%, in Thursday’s premarket trading. However, analysts said the casino operator still has a ways to go to escape its debt burden.
Both the casino operator, Kirk Kerkorian, and Dubai World will finance their remaining CityCenter payments with letters of credit. In turn, the banks will immediately fund $1.8 billion to finish the development, instead of waiting until each partner had fully paid its share.
Analysts feel that this is a major win for MGM in that it frees the company up to focus on its more serious problems.
MGM has more than $13 billion in debt as of the end of last year.
The CityCenter project should give MGM some breathing room to sort out its debt concerns, but the analyst predicted the company would still need to sell some assets to increase it’s capital.
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