MGM MIRAGE: CityCenter lawsuit 'without merit'

Mar 24, 2009 11:05 PM
Staff & Wire Reports |

MGM MIRAGE says a lawsuit filed by its partner in a $8.6 billion casino construction project is "completely without merit."

The Las Vegas-based casino operator issued its first statement on the lawsuit Tuesday morning, a day after a subsidiary of Dubai World filed the suit in Delaware Chancery Court.

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Infinity World claims that MGM MIRAGE's statements about its financial condition have put the massive CityCenter resort project at risk.

MGM MIRAGE is struggling with more than $13 billion in debt. But the company says it has cash available to meet its financial obligations.

Dubai World owns a 50 percent stake in the CityCenter casino, hotel, retail and residential development on the Las Vegas Strip, and controls about 9.5 percent of MGM MIRAGE shares.