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Dubai World Given Permission To Purchase 20 Percent Of MGM Mirage

Posted By Las Vegas Real Estate Agent Bill On August 29, 2008 @ 11:49 pm In Las Vegas Real Estate, Las Vegas News, Investment Las Vegas Real Estate, Las Vegas Casinos, Las Vegas Resort | Comments Disabled

Project CityCenter Las VegasDubai World was given permission to purchase up to 20 percent of MGM Mirage stock.  The New Jersey gaming regulators recently will permit the second largest MGM Mirage shareholder to purchase 10.5 percent more stock.

The Dubai government investment group, Dubai World, was approved by the New Jersey Casino Control Commission approved an additional purchase into the Las Vegas gaming company.

Dubai World has already made two purchases into MGM Mirage since 2007 paying nearly $2 billion.  They also wanted a share of Project CityCenter Las Vegas Strip resort and paid nearly $3 billion.

The largest stock holder with close to 54 percent is billionaire Kirk Kerkorian.  Dubai World, from the Persian Gulf state, owns almost 9.4 percent of the gaming company.  MGM Mirage casino operator controls hotel casinos in Mississippi, Detroit, Northern Nevada and 10 Las Vegas casinos.

An investor in Nevada must file a licensing application if they plan to purchase more than 10 percent, but gaming regulators do not require prior approval.  Last year Dubai World needed a gaming license because of their ownership in Project CityCenter Las Vegas.

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Dubai World given permission to purchase a total of 20 percent of MGM Mirage stock.


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