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CityCenter Nabs $3 Billion in Financing

(October 2008) posted on Wed Oct 08, 2008 EDT


MGM Mirage announced it has secured most of the remaining $3 billion it needs to finance the massive CityCenter complex in Las Vegas. The company said it had secured a $1.8 billion senior bank credit facility, maturing in April 2013, and that additional commitments are expected to bring that total to $3 billion. "Even in the current difficult lending environment, strong, well-conceived projects attract financing," MGM Mirage cfo Dan D'Arrigo said. "CityCenter is such a project." That $9.2 billion development is scheduled to open in December 2009, and include a 4,000 room hotel-casino complex as well as boutique hotels, four residential components, and an entertainment, dining and retail complex.


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