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Dubai World-MGM MIRAGE investment gets initial OK

Nov 7, 2008 2:06 AM

Staff & Wire Reports | Nevada gambling regulators have given preliminary approval for Dubai World to invest more than $6 billion in casino giant MGM MIRAGE Inc.

The state Gaming Control Board gave its OK on Wednesday for several subsidiaries of the investment arm of the Persian Gulf state to proceed to Nevada Gaming Commission consideration later this month.

Dubai World controls 9.4 percent of MGM MIRAGE's stock and owns 50 percent of the under-construction $9.1 billion CityCenter development on the Las Vegas Strip.

Dubai World and MGM MIRAGE will have to be licensed for CityCenter sometime next year.