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MGMMirage and Dubai World Close CityCenter Deal

By Chuckmonster on Thursday, 15th November 2007 3:10pm
  » filed under Mergers & Acquisitions  comments: 0

   

Gaming monolith MGMMirage and Dubai World (a holding company that manages investment for the government of Dubai) have closed their 50/50 deal for CityCenter on the Las Vegas Strip.

Under the deal, Dubai World has purchased a 50% stake (US$2.96B) in City Center which is valued at US$5.4B. US$500M of Dubai World's purchase price was earmarked for construction costs, the rest went into MGMMirage's WaMu account.

MGMMirage will continue to develop and collect a fee to manage the resort, retail and Vdara condotel, Dubai World will split the rest of the take with MGMMirage.

No word yet whether they're planning on opening a Dubai themed Ikea when CityCenter rolls out the red carpet.



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