CityCenter value declines by $2B, MGM Mirage says

10/22/2009 |

Not long ago, the investment value of CityCenter was about $8.7 billion. Taking out the debt put the investment value at $6.9 billion -- half of which accrued to MGM Mirage and the other half to Dubai World. However, because of the lower value of the real estate as estimated by several third-party experts, MGM Mirage now believes that investment value has fallen to $4.88 billion, or $2.44 billion each. As of June, MGM Mirage had invested $3.5 billion in the project.

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