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MGM Mirage, Dubai reach pact to finish CityCenter

Associated Press,  Thursday, April 30, 2009 at 10:25:28 AM

Casino operator MGM Mirage said Wednesday that it agreed with partner Dubai World and the pair's lenders to finish an $8.5 billion casino complex on the Las Vegas Strip.

MGM Mirage said Dubai World, the investment arm of the Dubai government, would drop a lawsuit it filed against the Las Vegas-based casino company, which is majority owned by investor Kirk Kerkorian.

The pact secures MGM Mirage's payment obligations for construction costs with its Circus Circus Las Vegas casino and adjacent land. The company said CityCenter is now on track to be fully open by December 2009.

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