CityCenter will be completed

Nov 11, 2008 5:02 PM

by Ray Poirier | CityCenter, the $9.1 billion joint venture project on the Las Vegas Strip, will be completed regardless whether the final phase of financing can be secured. At least that was the announcement by MGM MIRAGE Inc. (MGM) last week.

The company, partners in the project with Dubai World, said it has agreed to provide up to $1.6 billion to complete the project even if outside financing can’t be secured.

The joint venture partners have each agreed to make additional equity contributions of up to $959 million, the company said in a regulatory filing. Also, MGM will be prepared to inject another $600 million to the joint venture if the funds are required.