He declined to comment on speculation regarding Packer’s role. “We have the money to complete Cit圜enter,” Feldman said yesterday in an interview.

MGM can provide its share, said company spokesman Alan Feldman.

MGM Mirage and Dubai World are obligated to fund about US$800 million more in construction costs before they can access a US$1.8 billion loan to complete the project. Last month, Crown called off a planned US$1.75 billion takeover of Cannery Casino Resorts LLC, owner of three Nevada casinos and the Meadows racetrack near Pittsburgh. Los Angeles-based buyout firm Colony Capital LLC has held discussions with MGM Mirage and Dubai World that include a possible investment in Cit圜enter, a person familiar with the discussions said on Wednesday.Īustralian billionaire James Packer’s Melbourne-based gambling company, Crown Ltd, is discussing an investment alongside Colony, the Wall Street Journal reported on Friday. The project’s banks waived defaults for two weeks on the senior secured credit facility after MGM Mirage made a US$200 million construction payment on March 27 that covered Dubai World’s half. MGM Mirage, controlled by 91-year-old Kirk Kerkorian, is working to come up with a long-term plan to fund Cit圜enter by next Monday. Morgan Stanley spokesman Mark Lake didn’t return voice and e-mail messages left outside of business hours yesterday.

Mirage casino credit line