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The much awaited moment has finally come. MGM MIRAGE and Infinity World, a subsidiary of Dubai World, have announced that they have found an agreement on the new joint venture contract. The two parties have also agreed with CityCenter’s backers on a wide project that will allow the completion of the CityCenter, Las Vegas casino, on schedule. The opening of the complex is expected for the end of this year.

CityCenter backers will directly fund $1.8 billion dollars, while Dubai World and MGM MIRAGE will source the remaining part signing credit letters. Dubai World has also decide to discharge the lawsuit against MGM MIRAGE, filed last March. MGM MIRAGE CEO and Chairman Jim Murren expressed his satisfaction for the reaching of this important agreement with Dubai World that will allow the completion of the CityCenter project.

Of the same advise is also the Dubai World’s Director of the CityCenter joint venture, Mr. Chris O’Donnell, who added that with all the funds in place the CityCenter will open in December 2009. Mr. Murren felt confident and optimistic when speaking about the CityCenter project. He said that the CityCenter is something unique not only in Las Vegas and that it will surely support the cash flow of MGM MIRAGE.

CityCenter will be a fantastic propulsion for Nevada State and Las Vegas, with the creation of new jobs and growth opportunity for the local economy. Now that the financial situation of the project has found a solution, MGM MIRAGE is ready to focus his effort and energy in getting ready for the great opening, taking care of the rooms reservation and of the conventions bookings.