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MGM Disputes Dubai World Allegations
DUBAI - Casino operator MGM Mirage on Tuesday disputed allegations of breach of contract and mismanagement made against it in a lawsuit filed by a Dubai World unit that has partnered with the Las Vegas company in an $8.6 billion US property venture.
Infinity World accused MGM Mirage, its 50 per cent partner in the CityCenter resort, of failing to meet its obligations to complete the project, and it asked to end their joint venture. “The lawsuit filed yesterday by a subsidiary of Dubai World is completely without merit,” said MGM Mirage spokesman Alan Feldman.
The suit, filed on Monday in Delaware Chancery court, aimed to protect the rights and best interests of the CityCenter project, Dubai World said in a press statement on Monday. MGM owns 10 casino resorts in Las Vegas and is the biggest employer in the state of Nevada. But it is weighed down by more than $13 billion in debts related to CityCenter, its biggest private development in the US. Feldman denied that MGM is dodging its obligations. “Dubai World is well aware of our written commitment to meet our funding obligations and that MGM Mirage has available cash to satisfy those obligations,” he said in an e-mailed statement.Feldman said that MGM Mirage is “willing and able” to fund its share of the costs to complete CityCenter, including a payment required “this week.” A Dubai World spokesperson said in response: “Apart from the statement we have issued, we have no further comment on the matter.”
In its complaint, Infinity World said that MGM broke its contract by disclosing in a recent filing to the US Securities and Exchange Commission that it doubted the project’s viability and its ability to continue as a going concern.
Dubai World said MGM admitted it cannot assure that CityCenter will generate sufficient cash flow or that it would be able to borrow enough money to pay off debts or finance its other needs. CityCenter is a mixed-use luxury residential, resort and retail complex being developed by MGM on 67 acres on the Las Vegas Strip. It is owned by CityCenter Holdings LLC, the venture owned jointly by MGM and Infinity World. The complex is scheduled to open late this year.
rocel@khaleejtimes.com
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