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April 1, 2009 6:16 by Aarti Nagraj
The current controversy surrounding Dubai World and its partner, MGM Mirage regarding the $8.6 billion CityCenter complex they are building in Las Vegas must be worrying Murren, the chairman and CEO of MGM.
Dubai World recently sued MGM Mirage, accusing them of breaching the terms of the deal by overrunning massive costs. It also said that it is concerned about MGM Mirage’s $13 billion debt that may cause the company to file for bankruptcy.
According to a recent report in the Las Vegas Sun, Murren sent a letter to all MGM Mirage employees stating:
“MGM Mirage has not filed for bankruptcy, and CityCenter has not filed for bankruptcy. Any suggestion that either has is inaccurate.
Today, MGM Mirage received permission from its lenders and is making the $200 million March payment required to ensure that construction continues at CityCenter. This includes MGM Mirage’s $100 million contribution as well as the $100 million contribution that our partner, Dubai World, should have tendered but did not make.”
Murren, who was appointed to his current role in December 2008, earlier served as the company’s president and Chief Operating Officer under…
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