Financing CityCenter Becomes More Difficult

29 July 2008

Global banks' are reportedly wary of providing further financing for the $11.2 billion CityCenter project in Las Vegas.

MGM Mirage and Dubai World, partners in the project, had planned to complete funding by the end of June, but they still require as much as $3.5 billion.

Deutsche Bank, which has contributed part of every MGM loan since 1998, and Credit Suisse, which last year advised Dubai World to invest $5.1 billion in MGM, are among the holdouts, according to

The construction of the 76-acre CityCenter is costing both MGM and Dubai World about $100 each per month, said MGM Chief Financial Officer Daniel D'Arrigo in May.