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Sheik Yerbouti At CityCenter's New Whinery

By Chuckmonster on Monday, 23rd March 2009 4:46pm
  » filed under MGM Mirage  comments: 4

   

From the Drive a Rusty Nail In Their Scrotums While Forcing Them To Listen to Dio Dept. comes this adventure in whine tasting : those wacky Dubai/Infinity World investors filed a breach of contract lawsuit against MGM Mirage in the hopes of relieving themselves of and on CityCenter.

So sayeth the lawsuit:

The current path of the project is simply unsustainable.

That's funny... the ARIA website has a whole page all about sustainability.

So sayeth the ARIANS:

[CityCenter] is poised to become one of the world's largest environmentally sustainable urban communities.

No matter how the deck is shuffled, nothing but bullshit cards keep coming up. Does D/IW really want to pull their resources out of CityCenter, or are they putting the camel's toe to MGM Mirage's neck?

Dubai Infinity World Investment Losses

Dubai bought into CityCenter (101M shares of MGM stock) at $80 - a $13/share premium over that days closing. In the ensuing 15 months, their investment has shed 96.34%, from initial investment of $8.15B to ~$300M - a loss of $7,854,154,877 not including whatever other cash they've dumped in to keep the project moving forward.

You mean you didn't realize that this thing wasn't sustainable at the outset? How much money do you think this thing is going to throw off per year after expenses - $1B, $2B, $5B?

Congratulations D/IW, you're getting f**ked over a barrel like everyone else in the casino business. Why? Because you invested $8+ billion dollars in the casino business!

Read 'em and weep.



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Comments & Discussion:

I would like to personally thank MGM for f**king Dubai out of some of the oil money we sent them over the past few years when it was over $3 a gallon. It's about time we got back some of our extorted money.

Personally i would have preferred a dividend check or something, but it's good to see them get screwed like that.

What would make this absolutely perfect is if D/IW were to be able to pull completely out, CityCenter gets finished by the skin of the Lion's teeth, and it ends up being far more successful than any liberal estimate that was made.

D/IW bitching and moaning over a bad investment is the same as someone having a fit because they bet red and black hit. Investments are a gamble. Period. All the people who invested in a house at the top of the bubble can't sue their realtors because their house is worth far less now.

You made a crappy investment, suck it up.

Hey man, what's wrong with Dio?

Hey man, what's wrong with Dio?

Well MGM Mirage stock has been a holy diver.....



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