MGM Secures CityCenter Cash

MGM Mirage has reportedly secured the funds to pay off about $70 million in construction costs for the cash-strapped CityCenter development in Las Vegas should its partnership with Dubai World fall through.

In an April 13 statement, MGM Mirage officials said they are still “committed to finding a long-term solution” to financing and completing the CityCenter project despite a March 23 lawsuit filed by Dubai World accusing MGM execs of mismanagement.

The statement comes just days after the Wall Street Journal reported unnamed sources who said MGM execs hired Morgan Stanley to handle the potential sale of two of the company’s top performers – MGM Grand Detroit and the Beau Rivage casino in Biloxi, Miss.

MGM spokesman Alan Feldman told the WSJ that exploring the sale of those casinos is just business as usual.

“The company is going to explore all available options and will develop a comprehensive strategic plan,” Feldman told the paper.