| Daily news, 16 Nov 2007 |
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LAS VEGAS – MGM MIRAGE and Dubai World today announced that they have completed their previously announced 50/50 joint venture transaction in the landmark CityCenter development here.
The joint venture, CityCenter Holdings LLC, is owned equally by MGM MIRAGE and Dubai World. CityCenter Holdings LLC will own 100 percent of CityCenter, a mixed-use luxury residential, resort and retail complex currently being developed by MGM MIRAGE on the Las Vegas Strip.
MGM MIRAGE will continue to serve as developer of CityCenter and upon completion, the joint venture will pay MGM MIRAGE a management fee to operate CityCenter's resort casino as well as the development's retail activities and the Vdara condo-hotel tower.
Targeted for completion in late 2009, CityCenter will be a self-contained city-within-a-city that will include a 4,000-room resort and casino, 470,000 square feet of retail and entertainment space, 2,650 luxury condominiums and condo-hotel units and two 400-room boutique hotels to be managed by Mandarin Oriental. |
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