Dubai World receives approval paving way to own more of MGM Mirage
The Persian Gulf is ever-expanding into Las Vegas.
Yesterday, regulators of Michigan gaming gave its approval for Dubai World to own as much as 15 percent of MGM Mirage.
Already Dubai World owns half of CityCenter, MGM Mirage's $8 billion mixed-use project underway between Bellagio and Monte Carlo scheduled to open by the end of 2009. Dubai World currently has almost 10 percent of MGM Mirage, with mutual plans to purchase up to 20 percent. They initially purchased 5 percent and have been increasing ownership ever since.
Unlike Nevada, Michigan gaming law requires approval if any investor own more than 10 percent. MGM Mirage recently opened MGM Grand in Detroit.
