All That Glitters Isn't Gold
I read the following article today with interest. I was in Las Vegas in Nov. 07 sitting by the pool at the Planet Hollywood Hotel and the City Center, under construction, towered above in the skyline. At the time I questioned why Las Vegas needed another mega hotel/commercial complex. The spectacle of Las Vegas becomes so real when flying over at sunset in a helicopter. It was my first visit, part business & part pleasure. I attended the National Association of REALTORS Conference for a few days and then spent a few more days exploring the area.
After the conference I was happy to get in a rental car and head for the mountains. What amazing scenery. Reaching St. George Utah on the other side of the mountains was like finding an oasis in the desert. All of a sudden there were trees and grass again. I must admit I am happy that I did finally get a chance to see Las Vegas. It is one of those places that everyone should experience, at least once. You walk til you drop, you shop til you drop, and along the way you drop lots of coin into the slot machines.
Las Vegas project considers bankruptcy: report
Reuters
Related Quotes Symbol Price Change
MGM 3.09 0.00
^GSPC 832.86 0.00
^IXIC 1,587.00 0.00
Thu Mar 26, 11:58 pm ET
NEW YORK (Reuters) - City Center, an $8 billion Las Vegas project owned by MGM Mirage (MGM.N) and Dubai World, has hired counsel to advise on a possible bankruptcy filing, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
The casino operator, controlled by billionaire Kirk Kerkorian, and its joint venture partner Dubai World are likely to struggle to pay $220 million due Friday on CityCenter, the newspaper said.
When contacted by Reuters, a spokeswoman for MGM Mirage declined comment.
CityCenter has hired Dewey & LeBoeuf to prepare for a possible Chapter 11 filing as soon as this weekend, depending on the outcome of talks between MGM Mirage, the lenders and Dubai World, the people told the WSJ.
Dubai World said on Monday it sued MGM over the CityCenter development, asking Delaware Chancery Court to find that some financial disclosures in a recent MGM filing constitute events of default under the joint venture.
CityCenter is a 67-acre residential, resort and retail complex on the Las Vegas Strip and it is slated to open late this year. MGM and Dubai World have $500 million to fund before a $1.8 billion bank facility becomes available in May.
(Reporting by Elinor Comlay; Editing by Anshuman Daga)