MGM MIRAGE Receives Bank Support to Fund 100 Percent of Current Construction Costs for CityCenter
13 Abril 2009 - 9:01PM
PR Newswire (US)
LAS VEGAS, April 13 /PRNewswire-FirstCall/ -- MGM MIRAGE
(NYSE:MGM), today announced that it has received the support of its
banks and has entered into an amendment of its senior credit
facility. Under the newly obtained amendment, MGM MIRAGE's senior
lenders have provided the company with the ability to pay the full
amount of current construction costs for CityCenter totaling $70
million due no later than April 17, 2009. This amendment allows MGM
MIRAGE to fund Dubai World's $35 million share, should Dubai World
not do so. MGM MIRAGE remains committed to finding a long-term
solution to the financing of CityCenter to ensure the completion of
this important project. MGM MIRAGE (NYSE:MGM), one of the world's
leading and most respected companies with significant holdings in
gaming, hospitality and entertainment, owns and operates 16
properties located in Nevada, Mississippi and Michigan, and has 50%
investments in four other properties in Nevada, New Jersey,
Illinois and Macau. CityCenter, an unprecedented urban metropolis
on the Las Vegas Strip scheduled to open in late 2009, is a joint
venture between MGM MIRAGE and Infinity World Development Corp, a
subsidiary of Dubai World. MGM MIRAGE Hospitality has entered into
management agreements for future casino and non-casino resorts in
the People's Republic of China, Abu Dhabi, U.A.E. and Vietnam. MGM
MIRAGE supports responsible gaming and has implemented the American
Gaming Association's Code of Conduct for Responsible Gaming at its
properties. MGM MIRAGE has received numerous awards and
recognitions for its industry-leading Diversity Initiative and its
community philanthropy programs. For more information about MGM
MIRAGE, please visit the company's website at
http://www.mgmmirage.com/. Statements in this release which are not
historical facts are "forward looking" statements and "safe harbor
statements" under the Private Securities Litigation Reform Act of
1995 that involve risks and/or uncertainties, including risks
and/or uncertainties as described in the company's public filings
with the Securities and Exchange Commission. Contacts: Investment
Community News Media DANIEL J. D'ARRIGO ALAN M. FELDMAN Executive
Vice President, Senior Vice President Chief Financial Officer
Public Affairs (702) 693-8895 (702) 650-6947 DATASOURCE: MGM MIRAGE
CONTACT: DANIEL J. D'ARRIGO, Executive Vice President, Chief
Financial Officer, +1-702-693-8895, or ALAN M. FELDMAN, Senior Vice
President, Public Affairs, +1-702-650-6947 Web Site:
http://www.mgmmirage.com/ Company News On-Call:
http://www.prnewswire.com/comp/000725.html
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