Monday, March 23, 2009

Now For Some Vegas News

Las Vegas CityCenter project

Just this past weekend the MGM-Mirage officially sold their property, Treasure Island (I refuse to call it T.I.) to the owner of the New Frontier.  But that may not be enough to help them ease the mind of their creditors as they still are trying to find $1.2 billion to help finish CityCenter on the Las Vegas Strip.  According to Bloomberg, the banks could accelerate the loan and throw MGM into bankruptcy.  With this in mind the MGM has said that they will explore all serious and credible options.  This could possibley even lead to the selling off of another property.  
“Among the possibilities would be another asset sale but it would have to be at the right price and the right terms,” MGM Mirage said in the statement.
Take the jump over to Bloomberg to get all the details. 

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