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MGM Mirage Receives Bank Support to Fund Construction Costs for CityCenterApril 14, 2009 By: Travel Agent Central Contributor
MGM MIRAGE announced Tuesday that it has received the support of its banks and has entered into an amendment of its senior credit facility.
Under the newly obtained amendment, MGM MIRAGE's senior lenders have provided the company with the ability to pay the full amount of current construction costs for CityCenter totaling $70 million due no later than April 17, 2009. This amendment allows MGM MIRAGE to fund Dubai World's $35 million share, should Dubai World not do so.
MGM MIRAGE remains committed to finding a long-term solution to the financing of CityCenter to ensure the completion of this important project.