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Mirage And Deutsche Towards A Win-Win Deal

by Sharon Gerad
( March 31 2009 10:47:1 )
MGM Mirage is working with Deutsche Bank to procure $700 million to finish up with their City Center project.

A request from the MGM Mirage for 700 million dollars in funds is in addition to their inital lons for the City Center Project, and are not related to the past funds they had already received from the Deutsche Bank.  Deutsche Bank might be concluding on this in terms of a deal requiring exchange of operational and ownership services in reviving the Cosmopolitan Project, per reliable sources.

There is not a clear report on the exact events taking place  and one source stated that both MGM and the Deutsche Bank are not anywhere near finalizing on the agreement.

However, MGM is in its full fledged attempt to guard an additional $9.1 billion financing for the City Center by virtue of a 50-50 deal with Dubai World.  The Mirage has been paying for its share in the project from their regular income source.

Notably, the Deutsche Bank got hold of the Cosmopolitan for just a $1 billion in a foreclosure sale during the onset of recession in August.  Since, then the bank has been in talks with several people in the industry to have them take up the operational responsibility of the Cosmopolitan.

Either the MGM mirage will take up the charge of operating the Cosmopolitan or they will take over the project and will be responsible for providing a said stake to the Deutsche Bank.

Brian Gordon, a principal economic analyst stated “If MGM Mirage is able to get some funding through the Deutsche Bank when they are helping Deutsche Bank with a potential situation they have; it will be a win-win situation."

 





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