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Dubai World Subsidiary Sue MGM Mirage Over CityCenterMarch 24, 2009 By: Mark Rogers
Dubai World, a subsidiary of Infinity World, has filed a lawsuit against MGM Mirage in Delaware Chancery Court to protect its rights and the best interests of the Las Vegas CityCenter project. Infinity World is a joint venture partner with MGM for the development of the huge CityCenter project. The lawsuit alleges that MGM's admissions in its 10-K filed with the SEC on March 17 constitute a breach of the CityCenter joint venture agreement and puts the CityCenter development project at risk. MGM stated in its 10-K filing that, "There is substantial doubt about our ability to continue as a going concern". MGM also said it "cannot provide assurance" that its business would generate sufficient cash flow from operation or that future borrowings would be available to it under its senior credit facility in an amount sufficient to enable it to pay its indebtedness or to fund its other liquidity needs.
In its court filing today, Infinity World asked for a declaratory judgment and other measures that would relieve Infinity World of its obligations under the joint venture agreement resulting from MGM's breach. Dubai World said MGM's disclosure that it cannot provide assurance that it will be able to meet its future payment obligations to CityCenter has left it no other option but to act to protect its investment and the future of CityCenter. The current path of the project is simply unsustainable given our partner's financial troubles, it said.
Furthermore, the company said, MGM has mismanaged the CityCenter project, resulting in costs significantly over budget despite downsizing certain of the facilities. This has caused Infinity World to make capital contributions far in excess of the levels originally estimated by MGM.
In August 2007, MGM provided an estimate of $7.488 billion to complete CityCenter. MGM has since increased that estimate by approximately $1.3 billion, to $8.8 billion. MGM anticipated a financing package of $5 billion, subsequently revised it to $3 billion, and then ultimately raised only $1.8 billion. Infinity World's contributions to CityCenter to date have equaled approximately $4.3 billion.
Ultimately, Dubai World continues to believe that the CityCenter project has enormous value and will eventually reap tremendous benefits for the Las Vegas community and its investors. It said it is committed to working closely with MGM and the project lenders to resolve these issues in an orderly way. Ensuring completion of the project on acceptable terms is why Dubai World is taking the actions it is announcing today.