Back in early April, I blogged about how the CityCenter project in Las Vegas was facing an uncertain future. Now, though, it seems the road ahead has been cleared and the project is in fact on its way to completion.
According to The Money Times, Bank of America has released a $1.8 million loan to MGM and partner Dubai World to continue financing the construction. Additionally, Dubai World dropped its lawsuit against MGM, which it originally filed in March citing that MGM breached the joint-venture pact. The partners have come to an agreement under which MGM has agreed to pay out-of-pocket for future cost overruns of CityCenter.
The news probably comes as a relief to some, as CityCenter, a mixed-use gaming, hotel, residential, retail and entertainment destination, is estimated at having over 8,500 current and 10,000 future jobs riding on it. However, the market in Las Vegas at this time certainly already struggling, so who knows how other properties on the strip feel about its completion.
The CityCenter's ARIA Resort & Casino alone will feature a 300,000-square-foot convention and meeting facility.