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$2.3B Down, $700M to Go for Citycenter Financing

LAS VEGAS-MGM Mirage closes on $1.8 billion of the $3 billion in financing it wants to help complete the $11.3-billion, 19 million-sf project and has an additional $500 million in commitments.

By Brian K. Miller | Updated on October 06, 2008

LAS VEGAS-MGM Mirage said Monday it has closed on $1.8 billion of the $3 billion in financing it is seeking to complete Citycenter, an $11.3-billion, 19 million-sf development rising all at once on the Las Vegas Strip. The project, a 50-50 partnership of MGM Mirage and Dubai World, has been under construction since 2006 and is scheduled to open to the public at the end of 2009.

The facility, which matures in April 2013, is expected to be increased to $3 billion as additional commitments are received. The duo has received additional signed commitment letters totaling approximately $500 million and will seek the remaining commitment amounts through a syndication process. MGM Mirage CFO Dan D’Arrigo said Monday the partnership is receiving “strong interest” in the syndication process, which is set to launch tomorrow, Oct. 7, 2008.

“MGM’s strong balance sheet and long track record of superior financial performance combined with the substantial financial resources of our partner uniquely position Citycenter in an obviously difficult credit market,” he added.

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