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Business Briefing / Las Vegas

Casino firm wins waiver from lenders

April 11, 2009|Times Wire Reports

MGM Mirage won a waiver from lenders to pay about $70 million on its CityCenter project without partner Dubai World, staving off for now a possible bankruptcy filing by the development.

The accord extends last month's agreement letting MGM Mirage pay both partners' obligations, two people familiar with the accord said. MGM Mirage, the largest casino operator on the Las Vegas Strip, faced a Monday deadline to win approval from the banks to make both payments.

Dubai World has submitted a proposal to MGM Mirage and the banks involved in the CityCenter joint venture that may see it resume payments to finish the still-under-construction project in exchange for concessions, one of the people said, declining to provide details of the plan.

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