August 19, 2014
Dubai World has completed its purchase of a $2.96 billion, 50-percent equity stake in CityCenter, the megaresort being built by MGM Mirage Inc. on the Las Vegas Strip.
MGM Mirage will continue as the project's developer.
Meanwhile, the new joint venture firm formed as a result of the deal will pay MGM Mirage a fee to run the property when it opens in late 2009.
MGM Mirage immediately received $2.47 billion in cash while $490 million was set aside to pay for near-term construction costs.
Dubai World, an investment company of the government of Dubai, also has bought a 5 percent stake in MGM Mirage and is planning another joint venture further north on the Strip.