MGM Mirage financial situation is not affecting MGM Mirage Macau according to managing director of MGM Grand, Pansy Ho. Project CityCenter made a $220 million payment.
Ho states they are keeping a close watch on the economic downtown in America and it should not be a big roadblock currently.
Dubai World, is the investment vehicle of the Persian Gulf. This legal action would have halted the Las Vegas real estate to a halt. Project CityCenter is the most expensive commercial real estate development in U.S. history.
Dubai World is in legal battles after they claim the gaming operator had mismanaged the 76-acre development, leading to sky rocketing cost overruns.
MGM Mirage paid a $220 million payment that included Dubai World’s portion last week. Dubai is going through a financial crisis. They are committed to the massive development and wanted to show their financial ability with this financial obligation. The missed payment would have stopped 8,500 construction workers from Perini Building Co., general contractor.
Questions have been raised about MGM Grand Macau when the thoughts of selling capitals. The Macau development isn’t included in Project CityCenter Las Vegas. Pansy reaffirmed financial issues in the US will not affect the 50 percent shareholder.
MGM Mirage volatile financial situation not affecting MGM Mirage Macau says Pansy Ho.