LAS VEGAS-After much red tape, debate and ink from media coverage, MGM Mirage and Dubai World have closed on their CityCenter joint venture . The two parties have valued the project at $5.4 billion.

As part of the agreement, Dubai World has contributed $2.96 billion for 50% of the equity in the project. MGM Mirage picks up $2.47 billion in cash. In addition, the JV retained $490 million to fund any short-term construction costs.

Known as CityCenter Holdings LLC, the joint venture will own 100% of the mixed-use site, which will include luxury residential as well as a resort and retail complex. The project is already under construction and MGM Mirage will remain the developer.

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