Officials of MGM MIRAGE Inc. (MGM) acquiring More funding

Sep 2, 2008 7:00 PM

by Ray Poirier | Officials of MGM MIRAGE Inc. (MGM) took a giant step last week toward acquiring the $3 billion needed to complete the construction of its CityCenter project on the Las Vegas Strip.

In an announcement by President Jim Murren, the company has put together several loans that equal $1.65 billion and that he hoped to add the remaining funds prior to the end of this month.

The most recent loan, Murren told Reuters, was $300 million from China Construction Bank. He had previously locked in another loan of $150 million and three others for $100 million.

Murren described the loan negotiations as "a spirited debate over pricing."

Half the CityCenter project is owned by Dubai World.