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Colony ends talks with MGM Mirage

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.

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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.

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