MGM Mirage: CityCenter is unaffected by the financial meltdown in Dubai
Casino operator giant MGM have said today that they believe the cash strapped Dubai World will have any effect on the joint venture of their CityCenter project in Las Vegas.
The emirate has said this week that it would be asking for financial backing from firms which include Dubai World to introduce a standstill on debts. CityCenter had already announced last month that condominium prices would be slashed by 30%.
CityCenter is currently under construction in Las Vegas to create a new heart on the strip. It will stretch over 67 acres filled with casinos, shops, hotels and homes at a cost of $8.5 billion.
The situation with Dubai World has caused stocks to crash around the world on the news that Dubai is nearing bankruptcy which may also cause many high profile celebrities to lose millions in houses that they have bought in the up-and-coming region including David Beckham and Brad Pitt.
Whilst Dubai has become a place of interest for people looking for that bit of luxury on their holiday once they arrive many have seen it still, 4 years on from its conception, as a construction site – many having to suffer 24hr building works as another hotel is put up just yards from a fully operation one.