MGM MIRAGE (MGM) Gets Bank Support to Fund 100% Of CityCenter
Late Monday, MGM MIRAGE (NYSE: MGM) announced that it has received the support of its banks and has entered into an amendment of its senior credit facility to fund 100% of the current construction costs for CityCenter.
Under the newly obtained amendment, MGM MIRAGE's senior lenders have provided the company with the ability to pay the full amount of current construction costs for CityCenter totaling $70 million due no later than April 17, 2009. This amendment allows MGM MIRAGE to fund Dubai World's $35 million share, should Dubai World not do so.
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