MGM's CityCenter Hits A Snag
July 30, 2021
The financing for MGM's CityCenter, the eight billion dollar "city-within-a-city" being built on the Las Vegas Strip, has been held up, despite it's partnership with Dubai World, a major investment holding. Both Dubai World and MGM have outstanding credit and DW owns pieces of numerous banks. Despite this and MGM's long standing relationship with Deutsche Bank and Credit Suisse, these financial institutions still seem currently unwilling to fully secure the CityCenter project.

The first $3.5 billion in financing for MGM's highly ambitious project was scheduled to have been completed last month, but both the casino and banking industries are currently weathering very difficult periods, which made reaching that timeline impossible. The banking industry in general, having suffered greatly from the US mortgage crisis, is now being very careful with lending money, and the casino industry is presently experiencing one of it's worst declines in the last ten years.

Despite these problems, it's not all doom and gloom for MGM. CityCenter has successfully secured nearly $2 billion in financing thus far for their project, and if necessary, there are still internal options that both MGM and Dubai World can explore, given their desire to bring the impressive dream of the MGM CityCenter to it's ultimate fruition.

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