NEW YORK, Nov 26 (Reuters) - Casino operator MGM Mirage said on Thursday it does not expect Dubai World's restructuring to affect their joint CityCenter project, an $8.5 billion Las Vegas Strip residential, entertainment and shopping complex.
The emirate said on Wednesday that it would ask creditors of its two flagship firms, including Dubai World, to agree to a standstill on billions of dollars of debt as a first step to restructuring, stoking fears of a debt default.
'CityCenter is fully funded, on schedule and ready to begin welcoming guests starting next week. Our joint venture is unaffected by Dubai World's announcement,' an MGM Mirage spokeswoman told Reuters in an e-mail message.
Last month Dubai World and MGM Mirage said condominium prices at CityCenter would be cut by 30 percent. Buyers had balked at closing deals signed at the height of the housing bubble.
The 67-acre complex of casinos, hotels, condominiums and shops will start a phased opening on the Strip in December.
(Reporting by Phil Wahba; Editing by Dan Grebler)
((phil.wahba@thomsonreuters.com; +1 646 223 6128; Reuters Messaging: phil.wahba.reuters.com@reuters.net) Keywords: MGMMIRAGE/DUBAI
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The emirate said on Wednesday that it would ask creditors of its two flagship firms, including Dubai World, to agree to a standstill on billions of dollars of debt as a first step to restructuring, stoking fears of a debt default.
'CityCenter is fully funded, on schedule and ready to begin welcoming guests starting next week. Our joint venture is unaffected by Dubai World's announcement,' an MGM Mirage spokeswoman told Reuters in an e-mail message.
Last month Dubai World and MGM Mirage said condominium prices at CityCenter would be cut by 30 percent. Buyers had balked at closing deals signed at the height of the housing bubble.
The 67-acre complex of casinos, hotels, condominiums and shops will start a phased opening on the Strip in December.
(Reporting by Phil Wahba; Editing by Dan Grebler)
((phil.wahba@thomsonreuters.com; +1 646 223 6128; Reuters Messaging: phil.wahba.reuters.com@reuters.net) Keywords: MGMMIRAGE/DUBAI
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.