![](https://investorshub.advfn.com/uicon/47164.png?cb=1600697392)
Friday, November 27, 2009 1:06:04 PM
MGM Mirage says Dubai World's request to delay paying back debt will not affect CityCenter
On 11:56 am EST, Friday November 27, 2009
NEW YORK (AP) -- Casino operator MGM Mirage said Friday that its CityCenter joint venture with Dubai World, the investment arm of the Dubai government, is not affected by Dubai World's request to delay repaying billions in debt and will still open on time.
Dubai World, which has about $60 billion in debt, said Wednesday it asked creditors if it could postpone forthcoming payments until at least May.
The news revived worries about bad debt and sparked concerns of a ripple effect around the global financial system. World markets dropped on Thursday when Wall Street was closed for the Thanksgiving holiday.
MGM representative Yvette Monet said in a statement that the joint venture is unaffected by Dubai World's announcement.
"CityCenter is fully funded, on schedule and ready to begin welcoming guests starting next week," Monet said.
CityCenter is an $8.5 billion casino complex in Las Vegas that is half-owned by Dubai World. The 67-acre development of plush resorts, condominiums, a retail mall and one casino on the Las Vegas Strip will start opening in phases on Tuesday.
Earlier this month, MGM said it lost $750.4 million for the three months that ended Sept. 30 because of falling revenue, and it wrote down the value of the CityCenter project.
Investor Kirk Kerkorian has said he may cut his 37 percent stake in MGM.
In a shortened trading day, shares of MGM Mirage followed the broader markets lower and retreated 33 cents, or 3 percent, to $10.68 in midday trading. Major stock indexes fell about 2 percent from 13-month highs, including the Dow Jones industrial average.
"It was the best of times, it was the worst of times; it was the age of wisdom, it was the age of foolishness;
-- Charles Dickens
Recent MGM News
- Honeywell Acquires CAES Systems for $1.9 Billion, Sarepta Therapeutics Surges 34%, Gilead Continues Gains • IH Market News • 06/21/2024 12:00:38 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/14/2024 09:13:43 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/13/2024 09:35:17 PM
- MGM Resorts Surpasses Ambitious Goal of Donating 5 Million Meals to Fight Food Insecurity • PR Newswire (US) • 05/28/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/21/2024 09:12:22 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/21/2024 09:10:35 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/21/2024 09:08:32 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/21/2024 08:29:04 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/20/2024 08:14:34 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/17/2024 08:07:49 PM
- Ericsson Soars with 66% Net Profit Growth; Live Nation Under Antitrust Scrutiny in US, and More News • IH Market News • 04/16/2024 11:18:19 AM
- Stack Capital Holding Prove Identity Announces Strategic Partnership with BetMGM • GlobeNewswire Inc. • 04/03/2024 11:45:00 AM
- Cal-Maine Surges on Strong Quarterly Performance, Taiwan Earthquake Disrupts Tech Supply Chain, and More • IH Market News • 04/03/2024 11:12:20 AM
- Prove Identity Partners with BetMGM to Elevate Security and Enhance Sports Betting Experience for March College Basketball • Business Wire • 04/02/2024 12:30:00 PM
- Walgreens Slashes Annual Profit Forecast; MillerKnoll Nosedives 17% on Bleak 4Q Outlook, and Latest News • IH Market News • 03/28/2024 01:48:04 PM
- BELLAGIO FOUNTAIN CLUB RETURNS FOR FORMULA 1 HEINEKEN SILVER LAS VEGAS GRAND PRIX 2024 NOVEMBER 21-23 • PR Newswire (US) • 03/25/2024 05:15:00 PM
- MGM RESORTS INCENTIVIZES EMPLOYEES TO CONSERVE WATER AT HOME WITH A $500,000 GRANT ON WORLD WATER DAY • PR Newswire (US) • 03/21/2024 03:00:00 PM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 03/11/2024 09:08:21 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/01/2024 12:02:02 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/01/2024 12:01:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/29/2024 11:59:30 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 09:28:32 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/23/2024 01:28:47 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/16/2024 09:57:01 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/13/2024 09:14:27 PM
Panther Minerals Inc. Launches Investor Connect AI Chatbot for Enhanced Investor Engagement and Lead Generation • PURR • Jul 9, 2024 9:00 AM
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • BNCM • Jul 2, 2024 7:19 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM