ADB |

Al Nokhitha Fund NAV (07/09/10)

AED 3.961, up 1.392% from 06/09/10

ADCB MSCI UAE Index Fund NAV (07/09/10)

AED 4.176, up 1.532% from 06/09/10

ADCB MSCI Arabian Markets Fund NAV (07/09/10)

USD 5.380, up 0.065% from 06/09/10

Al Basha'er Fund NAV (31/08/10)

USD 6.904 , down 0.534% from 31/07/10

MGM Mirage wins CityCentre waiver

12 April 2009

MGM Mirage won a waiver from lenders that lets the casino company pay about $70 million (Dh257.1 million) on its CityCentre project without partner Dubai World, allowing construction to continue on the Las Vegas Strip development.
The accord extends last month's agreement letting Las Vegas-based MGM Mirage pay both partners' obligations, sources said on Saturday. They declined to be identified because the negotiations are private.

Dubai World has submitted a proposal to complete CityCentre and resume payments in exchange for concessions, one of the sources said, declining to provide details. The state-owned investment company sued and stopped funding construction last month after auditors questioned the survival of MGM Mirage, controlled by Kirk Kerkorian, 91.
"We cannot comment on specifics of our discussions but we continue to be fully committed to completing CityCentre and we continue to work with our partners and the lenders to seek a solution," George Dalton, Dubai World's general counsel, said on Friday.

MGM Mirage, the largest casino operator on the Las Vegas Strip, faced an April 13 deadline to win approval from banks to cover the next payments.
Under a two-month waiver MGM Mirage won from lenders in March, the partners were required to split construction costs.

In its lawsuit, Dubai World seeks to be relieved of funding obligations on CityCentre, a move that threatens to throw the 67-acre project, costing at least $8.6 billion to build, into bankruptcy.
MGM Mirage also faces a May 15 deadline to offer a restructuring plan for more than $12 billion of corporate debt.