Dubai World Buys Vegas Stakes

Dubai World has completed its purchase of a $2.96 billion, 50-percent equity stake in MGM Mirage’s CityCenter megaresort being built in Las Vegas.

Under the deal, MGM remains the project developer and will be paid a fee to run the resort when it opens in 2009.

The company received $2.47 billion in cash, of which $490 million has been set aside for construction costs.