CityCenter Gets Help

MGM Mirage has some good news in its struggle to finance the massive CityCenter project in Las Vegas. The bad news is it’s not nearly enough.

MGM Mirage has received a $1.8 billion credit facility from a group of banks, according to the Wall Street Journal. However, the complex of hotels, condos, retail stores and restaurants still needs $1.2 billion in financing to reach the $3 billion needed to complete the $9.3 billion project, the paper reported.

MGM Mirage has renegotiated terms of an existing $7 billion senior credit facility, which means the company can borrow more in the future, according to the WSJ. The CityCenter project is jointly owned by Dubai World, the investment arm of the Dubai government.

“It’s tough to do in a market like this. I was happy to get it done,” MGM Mirage President Jim Murren told the paper, adding he hopes to have the remaining funds committed by Oct. 31.