Features
Dubai World Takes A Gamble
Dubai World has increased its stake in casino projects on the Las Vegas Strip with partner MGM Mirage.
Dubai World subsidiary Istithmar Hotels FZE will take a $300 million, 25 percent stake in a venture that MGM had announced in June – a multibillion-dollar resort on the Strip.
MGM will contribute 40 acres of a 78-acre parcel of land it owns and have a 50 percent stake in the venture.
Kerzner International Holdings will own the remaining 25 percent. MGM Mirage shares rose 1.4 percent to $83.76 after the September 11th announcement.
Dubai World is a holding company for the Persian Gulf state of Dubai.