First, a complicated bond and stock offering will raise $2.5 billion for the resort and gaming operator.
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.
Legal action in $9.1 billion real estate Project CityCenter Las Vegas brought on by joint venture partner Dubai World against real estate developer MGM Mirage. Dubai World says their partner is mismanaging the resort located on the Las Vegas Strip. The project has been riddled with financial difficulties.
New owner of Treasure island Las Vegas hotel was approved last week. Phil Ruffin, previous owner of New Frontier, was ok’d by the Nevada Gaming Commission to become the new operator from MGM Mirage. They are the same company building the massive Project CityCenter Resort located on the Las Vegas Strip.
Ruffin changed his initial payment to MGM Mirage by adding $100 million to the $500 million initially agreed. This financial move is to decrease his total payment of $775 million by a $20 million discount.