November 24, 2014
LAS VEGAS (AP) - Casino operator MGM Mirage says it has agreed with partner Dubai World and the pair's lenders to finish an $8.5 billion casino complex on the Las Vegas Strip.
MGM Mirage said Wednesday that Dubai World, the investment arm of the Dubai government, would drop a lawsuit it filed against the Las Vegas-based casino company, which is majority owned by investor Kirk Kerkorian.
MGM Mirage chief executive Jim Murren says CityCenter is now fully funded and on track to start opening by December.
The pact secures MGM Mirage's payment obligations for construction costs with its Circus Circus Las Vegas casino and adjacent land.
Dubai World also has agreed to repay $135 million it owed that MGM Mirage has paid on its behalf.