International edition
September 16, 2021

The government of Dubai said it would restructure Dubai World

MGM Mirage discounts impact of Dubai restructuring on City Center

(US / Dubai).- Dubai World's restructuring isn't expected to impact one of the investment firm's largest US projects: the us$ 8.5 billion City Center Project in Las Vegas. MGM Mirage, which jointly owns the development on the Las Vegas Strip with Dubai World, said Dubai World had already fulfilled all of its commitments to funding City Center.

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hose investments have totaled about us$ 4.65 billion, according to a person familiar with the situation. The government of Dubai said Wednesday it would restructure Dubai World, a conglomerate spanning real estate and ports, and announced a six-month standstill on the company's debt.

MGM Mirage spokesman Alan Feldman said he does not anticipate an impact from the restructuring. Under a new contract that Dubai World negotiated last spring with the casino giant, additional costs incurred beyond the current budget will be the responsibility of MGM Mirage and not Dubai World.

City Center, which includes thousands of hotel rooms, retail stores and casinos, is set to begin a phased opening next month.

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