Bonds Issued By MGM Mirage Backed By New York New York Vegas Casino

Project CityCenter Las VegasBonds issued by MGM Mirage backed by New York New York Vegas casino.  This past week the gaming company issued $750 million in senior secured notes.

The private offering notes will be due 2013 will allow the buyer to receive a 15 percent yield and 13 percent interest will be paid by MGM Mirage.

The bond is scheduled to close in a couple of weeks on November 15 and be used for general corporate needs and to lower outstanding borrowings.  This action could be a sign that corporate bond market is gaining interest.  If all goes well, other corporations will definitely want to try raising money with bonds.

Several months ago between $80 and $10 billion of issuance was expected before the spiraling economic crisis.  If a completed bond offering is executed that will give live to the market.

MGM Mirage needs to raise nearly $1.2 billion in funds to contribute towards over $9.2 Project CityCenter Las Vegas real estate project.  Approximately $700 million is unfunded while the remaining is promised through signed letters.

Development partner Dubai World, will fund nearly $2 billion towards final development costs of the real estate venture on the Las Vegas Strip.

Recent actions and news for MGM Mirage included major cost cutting measures and management layoffs.

Call 702-505-6988 for VIP real estate representation by a real estate agent.

Bonds issued by MGM Mirage backed by New York New York Las Vegas casino.

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