Dubai World and MGM Mirage (NYSE: MGM) are planning to increase borrowings for the new CityCenter Resort to retrieve cash by mid-2010, writes Beth Jinks for Bloomberg. CityCenter is protected against defaults by its owners, and future borrowings would be based on the project’s credit rating and projected cash flow, says MGM Chairman and Chief Executive Jim Murren.
If Dubai World were to sell its interest in the $8.5 billion CityCenter project, MGM Mirage has the right of refusal to buy out its partner.
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Max Chen contributed to this article.