Dubai enters Vegas. From now on, every $10 bucks you spend in Bellagio, Mirage or Luxor (or in fact any of the other 17 casino resorts owned by MGM Mirage), $1 of which technically belongs to Dubai.
“A transforming event for MGM Mirage and Las Vegas”. This is how Terry Lanni, CEO of MGM Mirage describes the deal. Dubai World, the government-owned investment holding company and developer of Palm islands, has agreed to invest $5 billion dollars in MGM Mirage, for a 9.5% stake in the firm and %50 equity in CityCenter, a mixed-use luxury residential, resort and retail complex currently being developed by MGM Mirage on the Las Vegas Strip.
Everything started in a party on the Italian island of Sardinia back in June. Hosted by billionaire investor Thomas Barrack, Lanni and Dubai’s World chief, Sultan bin Sulayem, talked about mutual opportunities. Sol Kerzner, chairman of Kerzner International and a friend of both, facilitated the talks. Dubai World is already an investor in Kerzner, owner of the Atlantis resort in the Bahamas, and so very much into the business of gaming - and gambling.
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