MGM MIRAGE Provides Funds to Ensure Construction Continues at CityCenter
17 Abril 2009 - 2:19PM
PR Newswire (US)
LAS VEGAS, April 17 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
today announced that, as permitted under the terms of the Company's
previously announced amendment of its senior credit facility, it
has provided $70 million to cover the current construction costs
for CityCenter. The payment by MGM MIRAGE includes $35 million that
should have been funded by Infinity World, a subsidiary of Dubai
World. "MGM MIRAGE remains dedicated to supporting the completion
of CityCenter, recognizing the significant long-term value this
development will provide to Las Vegas and the state of Nevada,"
said Jim Murren, Chairman and CEO of MGM MIRAGE. "MGM is determined
to make CityCenter a success and we continue to review with our
partners all options to keep CityCenter fully funded. We are
continuing to engage in constructive discussions with our senior
lenders and the CityCenter lending group and we appreciate the
support of the involved parties." 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: Investment Community, Daniel J.
D'arrigo Executive Vice President, Chief Financial Officer,
+1-702-693-8895, or News Media, 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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