LAS VEGAS, April 10 (UPI) -- Los Angeles investment firm Colony Capital LLC has broken off talks with MGM Mirage without reaching a deal that could have bailed out the casino operator.
MGM Mirage, controlled by billionaire investor Kirk Kerkorian, is struggling under a $13.5 billion debt while trying to complete an $8.6 billion development project in Las Vegas called City Center, The Wall Street Journal reported Friday.
MGM Mirage spokesman Alan Feldman said the company "continued to have discussions with investors and will not address details of any specific party."
MGM Mirage is a 50 percent partner on the City Center project with Dubai World, a conglomerate controlled by the Dubai government. In order to keep construction going, the partners need to come up with a $70 million payment by Monday, the Journal reported.