MGM Buys a Lifeline for Big Vegas Project - Thursday 16th of April 2009

In an 11th-hour effort to save its $8.6 billion City Center resort and casino development, debt-strapped MGM Mirage made a $200 million payment required to keep construction going.

The payment allows the massive Las Vegas Strip project to avoid bankruptcy for the moment, according to sources close to MGM Mirage and investor Dubai World, which owns half of City Center. The payment puts MGM Mirage under increased pressure because it diverts crucial cash the company will need to make payments on its other debt obligations.

The payment made by MGM Mirage covers Dubai ...

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