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Old February 20th, 2009, 05:04 AM   #701
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I dont think Pursiancat knows what is going on.
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Old February 23rd, 2009, 04:13 PM   #702
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FYI: Aria website now up

http://www.arialasvegas.com/default2.aspx
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Old February 23rd, 2009, 05:28 PM   #703
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Wow. The Aria Corner Panoramic Suite is awesome! Only $675 per night (in December)
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Old February 23rd, 2009, 06:05 PM   #704
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Forgot to mention Vdara accepting reservations as well

http://vdara.com/
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Old February 24th, 2009, 04:46 AM   #705
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oops, delete me
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Old February 24th, 2009, 09:54 PM   #706
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With 49 floors, only 28 remain!
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Old February 26th, 2009, 10:26 AM   #707
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it happens
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Old February 26th, 2009, 11:49 AM   #708
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its sad
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Old March 21st, 2009, 11:39 AM   #709
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photos taken wednesday.

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Old March 23rd, 2009, 06:25 PM   #710
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http://sev.prnewswire.com/leisure-tr...3032009-1.html

Quote:

Dubai World Subsidiary Infinity World Files Lawsuit Against MGM to Protect Its Rights and the Viability of the CityCenter Joint Venture


- Lawsuit alleges breach of contract by MGM based upon MGM's SEC filing that there is "substantial doubt" about its ability "to continue as a going concern" -

- Infinity World requests declaratory relief from obligations under the joint venture agreement as a result of MGM's breach -

- Lawsuit intended to ensure CityCenter's long term viability and financial strength -

LAS VEGAS, March 23 /PRNewswire/ -- Dubai World today announced that its subsidiary Infinity World, which is a joint venture partner with MGM for the development of the CityCenter development project, has filed a lawsuit against MGM in Delaware Chancery Court to protect its rights and the best interests of the CityCenter project.

The lawsuit alleges that MGM's admissions in its 10-K filed with the SEC on March 17 constitute a breach of the CityCenter joint venture agreement and puts the CityCenter development project at risk. Specifically, and amongst other Risk Factors, MGM stated in its 10-K filing that "There is substantial doubt about our ability to continue as a going concern".

MGM also said it "cannot provide assurance" that its business would generate sufficient cash flow from operation or that future borrowings would be available to it under its senior credit facility in an amount sufficient to enable it to pay its indebtedness or to fund its other liquidity needs.

In its court filing today, Infinity World asked for a declaratory judgment and other measures that would relieve Infinity World of its obligations under the joint venture agreement resulting from MGM's breach.

CityCenter is a mixed-use luxury residential, resort and retail complex being developed by MGM on 67 acres between the Bellagio and Monte Carlo resorts on the Las Vegas Strip. It is owned by CityCenter Holdings LLC, a joint venture equally owned by MGM and Infinity World. The complex, scheduled to open in late 2009, has been under construction since 2005.

Dubai World said MGM's disclosure that it cannot provide assurance that it will be able to meet its future payment obligations to CityCenter has left it no other option but to act to protect its investment and the future of CityCenter. The current path of the project is simply unsustainable given our partner's financial troubles, it said.

Furthermore, the company said, MGM has mismanaged the CityCenter project, resulting in costs significantly over budget despite downsizing certain of the facilities. This has caused Infinity World to make capital contributions far in excess of the levels originally estimated by MGM.

Essentially it is being asked to pay significantly more and getting less, with only uncertainty about MGM's future, Dubai World said.

In August 2007, MGM provided an estimate of $7.488 billion to complete CityCenter. MGM has since increased that estimate by approximately $1.3 billion, to $8.8 billion. MGM anticipated a financing package of $5 billion, subsequently revised it to $3 billion, and then ultimately raised only $1.8 billion. Infinity World's contributions to CityCenter to date have equaled approximately $4.3 billion.

Ultimately, Dubai World continues to believe that the CityCenter project has enormous value and will eventually reap tremendous benefits for the Las Vegas community and its investors. It said it is committed to working closely with MGM and the project lenders to resolve these issues in an orderly way. Ensuring completion of the project on acceptable terms is why Dubai World is taking the actions it is announcing today.

In its 10-K filing with the SEC, MGM stated that it obtained a waiver of financial covenants through May 15, 2009 from its senior lenders. According to loan agreements and the waiver, after that date those lenders reserve the right to declare MGM to be in default. The 10-K stated that if the lenders exercise any or all such rights, MGM or CityCenter may determine to seek relief through a filing under the US Bankruptcy Code. Dubai World does not believe the short term waiver will benefit CityCenter in the long term and is significantly concerned about MGM's survival.
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Old March 27th, 2009, 08:04 AM   #711
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Las Vegas Project Weighs Bankruptcy
http://online.wsj.com/article/SB1238...googlenews_wsj
Quote:
By JEFFREY MCCRACKEN

And Tamara AudiCity Center, the $8.6 billion Las Vegas development owned by MGM Mirage and DubaiWorld, is preparing for a potential bankruptcy filing that could bring the massive project to a halt, according to people familiar with the situation.

MGM Mirage and investment partner Dubai World appear unlikely to make a $220 million payment due Friday on City Center -- a massive resort and casino project under construction on 67 acres. City Center has hired Dewey & LeBoeuf to prepare itself for a possible bankruptcy filing, and the firm's Martin Bienenstock, a noted bankruptcy attorney, is handling the work, according to people familiar with matter. The law firm of Weil, Gotshal & Manges LLP is working for MGM Mirage on a range of legal issues, according to these people.

A filing could come this weekend, depending on talks among MGM Mirage, its lenders and Dubai World, these people said. There is a possibility that any filing for court-protection could be averted if the talks lead to an agreement.

A rendering of MGM Mirage's City Center. A debt payment is due Friday.

Dubai World, a conglomerate owned by the government of Dubai, has sued MGM Mirage for breach of contract and blamed it for cost overruns. It also signaled it won't provide its half of Friday's payment. MGM Mirage, meanwhile, is struggling to persuade its reluctant lenders to allow it to solely fund the project. While talks between MGM Mirage and Dubai World were ongoing Thursday night, there "may be no choice" but for City Center to file bankruptcy "if Dubai World doesn't fund," said a person close to MGM Mirage.

The casino company faces a cash crunch as it tries to meet obligations on more than $13 billion in debt. The company narrowly averted defaulting on loans last week and warned that it could default by mid-May.

City Center's troubles could spill out across Las Vegas. The project is a stark example of how excesses spawned during a lengthy gambling boom are coming back to haunt the casino industry. The project is so large that thousands of workers depend on it for jobs. At the same time, it has the rest of the city's casino industry on edge. If it gets built, it would add thousands of high-end hotel rooms that would cannibalize business from the city's gambling tables and hotels.

Missing Friday's payment would start the clock ticking on City Center's future. Work could grind to a halt within days, idling 8,500 construction jobs, said a person familiar with the talks between MGM Mirage and Dubai World. A delayed opening would also risk the jobs of 12,000 workers who are to staff the complex.

A shutdown of City Center "would be devastating to the southern Nevada economy," said Steve Ross, secretary-treasurer of the Southern Nevada Building and Construction Trades Council, which represents 22,000 construction workers.

Las Vegas, a city known for its elaborate multibillion-dollar resorts, is already reeling. Echelon, a $4.8 billion resort project on the Las Vegas Strip, was shuttered last year after its parent, Boyd Gaming Corp., and partner Morgans Hotel Group struggled to finance the project. A Las Vegas Sands Corp. condo tower sits unfinished after the casino operator decided to concentrate on finishing other projects. Several projects were canceled before work even started.

Las Vegas has suffered as tourism revenue has declined for more than a year. Unemployment hovers near 10%, and hotel-room occupancy rates have fallen to below 90% -- unusual for a town used to operating at near capacity.

City Center's over-the-top extravagance was conceived in a very different economic climate. When the project was unveiled in 2004, Las Vegas was at the height of a luxury-driven tourism boom. Gourmet restaurants were over-booked, room rates were skyrocketing and pricey shows were sold out. City Center was envisioned as the crown jewel.

MGM Mirage, controlled by billionaire investor Kirk Kerkorian, saw City Center as the next step in the evolution of both the company and Las Vegas.

The project, with two sleek condo towers, a 4,000-room resort casino, two smaller luxury hotels, a monorail, $40 million in public art and its own fire station, was envisioned as a "city within a city." MGM Mirage executives saw it as nothing less than a reinvention of Las Vegas.

Shortly after the project was launched, MGM Mirage Chairman and Chief Executive Jim Murren said, "City Center represents what we feel is a significant new direction for our city and our company."

Kirk Kerkorian

Even under bankruptcy-court protection, construction could continue or be restarted once the two sides agree on how to fund the project. Neither company is likely to walk away. MGM Mirage has $1 billion in cash invested in the project, in addition to the land contribution. Dubai World has $4.3 billion invested.

While Las Vegas is worried about the impact on employment of a City Center delay, there is sentiment in the casino industry that any delay at City Center could help other casinos -- including those owned by MGM Mirage -- keep from losing even more visitors.

It is not clear what impact a City Center Chapter 11 filing would have on MGM Mirage's other finances.

MGM Mirage's lenders have become concerned enough about the situation that they have hired the law firm of Mayer Brown LLP as bankruptcy counsel, according to people familiar with the matter.

Bank of America and Deutsche Bank are the agent banks for MGM Mirage, said these people. MGM Mirage's lenders will not let the casino giant make the City Center payment Friday unless Dubai World makes its payment, according to people familiar with the matter.

MGM Mirage earnings are projected by Wall Street analysts to tumble to $1.2 billion to $1.6 billion this year, meaning to be in line with loan covenants it needs to reduce its debt to between $9 billion and $12 billion.

Write to Jeffrey McCracken at [email protected]

Copyright 2008 Dow Jones & Company, Inc. All Rights Reserved
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Old March 27th, 2009, 09:43 AM   #712
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bummer
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Old March 27th, 2009, 01:10 PM   #713
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well this blows
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Old March 27th, 2009, 09:38 PM   #714
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MGM has received a waiver to make the entire March payment without Dubai, avoiding bankruptcy this weekend and allowing construction to continue.
http://phx.corporate-ir.net/phoenix....ar&id=1270646&

Quote:
MGM MIRAGE Provides Required Funds to Ensure Construction Continues at CityCenter

Company Receives Waiver From Its Lenders to Fund 100 Percent of Required March Equity Contributions for CityCenter

LAS VEGAS, March 27 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM), today announced that it is, with the authorization of its senior lenders, providing $200 million of funding to CityCenter to satisfy the required sponsor equity contributions due on or about March 24, 2009. The funding includes $100 million which should have been funded by Dubai World. This allows construction to continue while MGM MIRAGE seeks additional funding for CityCenter.

MGM MIRAGE intends to work with Dubai World, its lenders and others to find a long-term solution for the financing of CityCenter's completion.

With today's funding, the remaining combined equity contributions necessary to access the CityCenter credit facility are approximately $800 million.

"MGM MIRAGE believes that CityCenter is of vital importance to Las Vegas and the state of Nevada," said Jim Murren, Chairman and CEO of MGM MIRAGE. "We are doing our utmost to see that this project continues, keeping thousands of Nevadans employed. We will continue to make every effort to see that CityCenter is completed and becomes an even greater economic driver for the region. We appreciate the support of our senior lenders and the CityCenter lending group. We continue to review with our partners all possible options to keep CityCenter fully funded and on a path to completion."
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Old March 29th, 2009, 11:05 PM   #715
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In the meantime the project is almost finished.

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Old March 29th, 2009, 11:23 PM   #716
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Wow those were awesome shots, thanx for the update. btw, do u know if they get the funds??
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Old March 29th, 2009, 11:29 PM   #717
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Quote:
Originally Posted by -Corey- View Post
Wow those were awesome shots, thanx for the update. btw, do u know if they get the funds??
they got 200 million out of 800 that they need so for now they are going forward. in the meantime they are looking for additional funds.
It is not a secret though that MGM wanted to crack to big of a nut even for them. the price of the project is simply staggering.
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Old March 30th, 2009, 12:01 AM   #718
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Wow, at least the project is going forward. thanx
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Old March 30th, 2009, 12:30 AM   #719
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Wow! Ones of best updates on Citycenter ever! I hope they will able to finish it and open on time. This new resort has to be last new resort for Las Vegas for a while until economy improves and Las Vegas really needs to build another one or so. It won't happen, Las Vegas will always build more and more no matter what.
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Old March 30th, 2009, 12:34 AM   #720
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Originally Posted by CrazyAboutCities View Post
Wow! Ones of best updates on Citycenter ever! I hope they will able to finish it and open on time. This new resort has to be last new resort for Las Vegas for a while until economy improves and Las Vegas really needs to build another one or so. It won't happen, Las Vegas will always build more and more no matter what.
Just to be exact - this is not the only one that is going on right now. It is probably the biggest, but not the only one.
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