MGM Mirage says Dubai World’s request to delay paying back debt will not affect CityCenter
By APFriday, November 27, 2009
MGM Mirage: CityCenter not affected by debt woes
NEW YORK — Casino operator MGM Mirage says its CityCenter joint venture with Dubai World, the investment arm of the Dubai government, is not affected by Dubai World’s request to delay repaying billions in debt and will still open on time.
Dubai World, which has about $60 billion in debt, said Wednesday it asked creditors if it could postpone forthcoming payments until at least May.
The news revived worries about bad debt and sparked concerns of a ripple effect around the global financial system. World markets dropped on Thursday when Wall Street was closed for the Thanksgiving holiday.
MGM representative Yvette Monet says the venture in Las Vegas is unaffected by Dubai World’s announcement.
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