TrafficCourt

MGM's CityCenter Secures Financing

RSS

The credit crisis continues to deepen. Yet another large development has secured financing. This time it's the mammoth CityCenter project in Las Vegas.

MGM Mirage said Monday that it completed the first stage of its $3 billion financing package for CityCenter, a $9.2 billion Las Vegas Strip casino project being developed with Dubai World.

MGM said it had secured a $1.8 billion senior bank credit facility that will mature in April 2013.

CityCenter has received addition commitment letters of more than $500 million, which executives said will be added to the facility once completed.

CityCenter - which MGM Mirage (nyse: MGM - news - people ) officials have called the most expensive private commercial development in U.S. history - is expected to include six high-rise towers with a 4,000-room hotel-casino, condominiums, boutique hotels and a retail, dining and entertainment complex.

Please or Register to post comments.

What's TrafficCourt?

Industry news, views and occasional strange stuff.

Contributors

Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
Blog Archive
National Real Estate Investor Related Sites

Sponsored Introduction Continue on to (or wait seconds) ×