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