Indy Gaming: MGM Resorts finally lands Cosmopolitan of Las Vegas, 13 years and two CEOS later
Somewhere, Jim Murren is smiling.
In 2008, the then-CEO of MGM Mirage was scrambling to finance the remaining costs to build the massive CityCenter complex, which had a price tag of almost $9 billion. He approached Deutsche Bank with an ides to take the unfinished Cosmopolitan of Las Vegas off the financial institutions hands. Deutsche Bank had acquired the debt-ridden property out of foreclosure.
MGM and joint venture partner Infinity World would assume control over the Cosmopolitan in exchange for ownership shares in CityCenter. Deutsche Bank would also provide the joint venture with a loan of $1.2 billion to complete CityCenter.
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