Casino News

Dubai to pour millions into Las Vegas casino outfit

2007-08-24 16:31:36

A Las Vegas casino firm is set to receive over $5 billion in investment from a company owned by the Dubai government.

Dubai World will pay $84 each for 28.4 million MGM Mirage shares and will invest $2.7 billion for MGM's stake in CityCenter, a casino resort on the Las Vegas Strip.

CityCenter, which comprises condos and hotels, is considered to be largest privately-funded construction development in the country.

Terry Lanni, chief executive of MGM Mirage, said: "The cross-fertilization, cross-marketing of brands [...] will be valuable.

"I would like to see us marketing in Dubai to visitors coming into Dubai. These are people with significant net worths."

The move will help MGM Mirage expand its operations into hotels, entertainment complexes and housing.