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Dubai World boosting stake in Vegas projects
Los Angeles Times,
Wednesday, September 12, 2007 at 10:50:50 AM
Dubai World, a holding company for the Persian Gulf state of Dubai, is taking a larger stake in casino projects on the Las Vegas Strip with partner MGM Mirage Inc., the companies said Tuesday.
A subsidiary of Dubai World's investment arm, Istithmar Hotels FZE, will take a $300-million, 25% stake in a joint venture that MGM Mirage had announced in June with Kerzner International Holdings to develop a multibillion-dollar resort on the Strip, they said.
MGM Mirage will contribute 40 acres of a 78-acre parcel of land it owns, valued at $20 million per acre, for a 50% stake, while Kerzner will own the remaining 25% of the venture.
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