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BUSINESS
June 4, 2008 | From Times Wire Services
Construction workers building a massive casino complex on the Las Vegas Strip were expected to return to work after a one-day walkout over safety concerns at the site where six workers have died since 2006. The general contractor of MGM Mirage Inc.'s CityCenter project will arrange for worker safety training and allow union and business leaders full access to the site at all times, union officials said.
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BUSINESS
March 28, 2009 | Associated Press
MGM Mirage threw a lifeline to its $8.7-billion CityCenter casino project in Las Vegas, agreeing Friday to make a $200-million equity payment that includes the portion owed by its partner, Dubai World. The casino giant, which is majority-owned by billionaire Kirk Kerkorian, was allowed to cover Dubai World's obligation under a waiver granted Friday by the project's senior lenders. The payment buys MGM Mirage time to work through a funding crisis amid a slowdown in gambling revenue.
NATIONAL
August 16, 2011 | By Ashley Powers, Los Angeles Times
The Harmon was envisioned as a 49-story gateway to CityCenter, a warren of luxury hotels and boutiques dreamed up during the Las Vegas Strip's go-go years. Instead, the Norman Foster building was lopped in half because of construction defects and a recession that snuffed out demand for its condo-hotel rooms. Now the company in charge of the Harmon may scrap it altogether. MGM Resorts International asked county officials Monday to allow it to implode the tower, one of several monuments to the economy's nose dive on Las Vegas Boulevard.
BUSINESS
January 17, 2008 | From Times Wire Services
Nevada's foreclosure crisis claimed a high-profile victim as investment bank Deutsche Bank took the first step toward foreclosing on the $3-billion Cosmopolitan Resort & Casino project. Developer and owner Ian Bruce Eichner said his company, 3700 Associates, was working with Deutsche Bank and Merrill Lynch & Co. to find new investors. The $760-million construction loan from Deutsche Bank went into default Wednesday, the company said. A Deutsche Bank spokesman did not return a call seeking comment.
BUSINESS
March 6, 2009 | Times Wire Reports
MGM Mirage and Dubai World failed to reach agreement with Deutsche Bank and talks on a $1.2-billion loan to complete the Las Vegas CityCenter project collapsed, according to five people with knowledge of the matter. Deutsche Bank was seeking equity and debt stakes in the $11.2-billion development on the Las Vegas Strip in return for the loan. MGM Mirage and Dubai World are now holding talks with other parties, one of the people said.
BUSINESS
February 10, 2006 | From Reuters
MGM Mirage Inc. said Thursday that it had decided to increase the size of its planned CityCenter project on the Las Vegas Strip, boosting its cost to $7 billion. The 66-acre development would include more residential space than planned, MGM President James Murren said. "They're higher and we keep tweaking the unit sizes to hit the sweet spot in the market," he said of the planned residential towers.
BUSINESS
August 6, 2008 | From Times Wire Services
Shares in MGM Mirage Inc. surged after the company said it had secured commitments for $1.65 billion of the final $3 billion in financing for CityCenter, its next major casino project on the Las Vegas Strip. The company said last week that a deal was delayed because of tight financial markets. Executives had expected the deal to be in place in June or July but said Tuesday that it would be done in the third quarter. MGM Mirage shares leaped $4.85, or 15.7%, to $35.85 the same day the company reported a 68.6% drop in second-quarter profit.
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