Crown Ltd. Denies Being in CityCenter Recap Talks

LAS VEGAS-Crown Ltd. said Monday it is not in discussions about co-investing in CityCenter with Colony Capital. Reports citing people familiar with the negotiations between CityCenter developers (MGM Mirage and Dubai World) stated that the Melbourne-based owner of casinos in Australia and China was considering a co-investment with Los Angeles-based Colony that would cover all or part of the remaining $800 million of required project equity.

“Crown is not having any discussions with MGM or Dubai World with respect to any such investment in CityCenter,” Crown said in the statement.

The $800 million is necessary to gain access to a $1.8-billion facility that would fund the completion and pre-opening of the 7,000-unit hotel, condo and retail development between the Bellagio and Monte Carlo resorts on the Las Vegas Strip. The news of Crown’s supposed interest was reported in the Wall Street Journal, which previously reported that Colony Capital was considering an investment in CityCenter, a 50-50 joint venture of MGM Mirage and a subsidiary of Dubai World, an investment arm of the Dubai government.