Dubai World Now Owns Half Of MGM Mirage Project CityCenter Las Vegas

Project CityCenter Las VegasDubai World now owns half of MGM Mirage Project CityCenter Las Vegas. The Persian Gulf state investment subsidiary financially controls 9.4 percent of the MGM Mirage gaming company and 50 percent of the $8.4 billion Las Vegas Nevada real estate.

MGM Mirage joint-venture partner Dubai World received permission Tuesday from Michigan gaming regulators to increase its ownership in the casino giant to almost 15 percent.

MGM Mirage operates out of Michigan. This week the Michigan gaming board approved Dubai World the ability to acquire more than 10 percent of the company, up to 20 percent of common stock as an investment.

Dubai World did a small power play by stating they would not acquire more stock in MGM Mirage. This decreased the value of the stock by five percent, which Oppenheimer & Co. downgraded the stock.

The total investment for the 25 million shares acquired was $2 billion for Dubai World. Their investment started last with a 4.9 percent ownership in the Las Vegas casino operator.

Gaming law in Michigan, where MGM Mirage operates the MGM Grand Detroit, requires prior approval before an investor exceeds 10 percent ownership in a casino company.

Nevada law requires a licensing application after 10 percent control has been reached. There will be gaming in Project CityCenter Las Vegas resort and Dubai World is currently in the process of a licensing investigation.

PhoneCall 702-505-6988 for VIP Las Vegas Nevada real estate search by Las Vegas real estate agents.

Dubai World now owns half of MGM Mirage Project CityCenter Las Vegas.

Tags: , , , , , | E-Mail This Post/PageEMail This Post | Print This Post/PagePrint This Post |

Comments are closed.

Google