MGM Mirage keeps CityCenter going

LAS VEGAS, March 27 (UPI) -- MGM Mirage held off bankruptcy Friday for a major Las Vegas development, making a $200 million loan payment to keep the CityCenter project afloat.

Half of the payment was made on behalf of Dubai World, which is MGM Mirage's partner in the $8.7 billion project. Dubai World had sued MGM Mirage, claiming its finances had put the development in jeopardy, The New York Times reported.

In a statement, MGM Mirage Chairman and Chief Executive Officer Jim Murren said, "we are doing our utmost to see that this project continues, keeping thousands of Nevadans employed."

"We will continue to make every effort to see that CityCenter is completed and becomes an even greater economic driver for the region," he said.

The project -- including a casino, hotel-condominiums and a shopping center -- is the largest privately financed construction project in United States history, the Times said. But, financing appeared shaky as MGM Mirage, controlled by billionaire Kirk Kerkorian, reported a loss of $1.15 billion in the fourth quarter.