This seems to be a recurring theme for hotel and condominium projects in Las Vegas (and elsewhere, I’m sure): Trouble getting financing. “Necessity is the mother of strange bedfellows” That certainly applies here, since MGM Mirage is in talks with Deutsche bank who happens to own the adjacent property next to CityCenter, the Cosmopolitan. In another twist of the coincidence, Deutsche Bank is looking for someone to operate the Cosmo once it is finished. It’s estimated that MGM Mirage will need another billion dollars to finish the project, which is scheduled to open in October of this year. This is the latest problem to plague CityCenter (see my prior post, CityCenter losses some condos).
The rumor is Deutsche Bank would provide MGM Mirage with the additional funds they need for CityCenter. MGM Mirage would then either run the Cosmopolitan for them or the bank would trade the Cosmopolitan for a stake in CityCenter. Either way, it seems like a good deal for both parties if its true.
{ 1 trackback }
{ 0 comments… add one now }