Dubai World is taking over the world
Last year Dubai World dropped $6 billion for a 9.4% stake in MGM Mirage and a 50% interest in City Center. Now the investment arm has gained approval to aquire up to a 20% stake in MGM Mirage, although it is planning to wait until market conditions warrant such an action.
In other news, MGM Mirage CEO Terry Lanni is stepping down on November 30th. Going to spend more time with his family? Getting out before the market really tanks? Or is it because the company is selling his planes? Who knows. Whatever the reason, I just hope incoming CEO Jim Murren can turn this boat around, open up the corporate pocketbook, and get some of these renovations going again.
Category: Las Vegas