Las Vegas Commercial Real Estate Mortgage Loan
Las Vegas, NV • 10/18/2007
Mega Las Vegas Resort Planned by MGM, Partners
September 11, 2007
By Tonie Auer, Southwest Correspondent
MGM MIRAGE, Kerzner International Holdings Ltd. and Istithmar Hotels FZE entered into definitive agreements to develop a multi-billion dollar integrated resort property on the Las Vegas Strip on property valued at $20 million an acre.
MGM MIRAGE will provide the land for the resort and Kerzner and Istithmar will provide cash equity. MGM MIRAGE, Kerzner and Istithmar will own 50 percent, 25 percent, and 25 percent, respectively of the newly formed joint venture.
"When you look at the two partners that we teamed up with, these are internationally recognized global firms that share the vision we havel for the long term for the Vegas strip," Dan D'Arrigo, CFO of MGM MIRAGE, told CPN today. "As Las Vegas continues to grow and become a more diversified destination resort environment, we couldn't find better partners than these two to develop something phenomenal on this 40 acres. We plan to do something special with the long term in mind."
"Given the land values in Las Vegas and the scarcity of land each and every day, there will be quite a bit of vertical nature to the environment to maximize the 40 acres of land," D'Arrigo added. "This will definitely be another major resort that will take advantage of all the air rights that the parcel."
The project will be in the design and planning phase for the next 12 months and construction is expected to start in 2009 with an early 2012 completion.
The new resort will be designed for approximately 40 of the 78 acres of land owned by MGM MIRAGE, located on the corner of Las Vegas Boulevard and Sahara Avenue. Kerzner will lead the planning and conceptualization of this project. Construction will start in the first half of 2009 with a targeted 2012 opening, according to information from Kerzner.
Las Vegas Commercial Real Estate Mortgage Loan
On June 20, as reported by CPN, MGM MIRAGE and Kerzner announced their intent to form a 50/50 joint venture to develop a multi-billion dollar resort on the Las Vegas Strip. On Aug. 22, MGM MIRAGE and Dubai World announced their intent to forge a long-term strategic relationship whereby Dubai World will invest approximately $5 billion in MGM MIRAGE consisting of a $2.7 billion investment in CityCenter (pictured) and up to $2.4 billion in purchases of MGM MIRAGE common stock. The companies will enter into a 50/50 joint venture in the landmark CityCenter development in Las Vegas and Dubai World will acquire a significant minority equity position in MGM MIRAGE. At that time an MGM spokesperson told CPN, "Dubai World was impressed with MGM MIRAGE and strongly believed in our business" adding that, "This deal further validates that Las Vegas is a prominent development destination."
Las Vegas Commercial Real Estate Mortgage Loan
Furthermore, the spokesperson added that Dubai World sells more real estate at high prices than any other company in the world and has access to buyer pool that no one else does. "We wouldn't be surprised if we have increased activity and revenue (because of this access)," he said. "This is a case of one plus one may equal five."
Las Vegas Commercial Real Estate Mortgage Loan
The joint venture, CityCenter Holdings L.L.C., will be owned equally by MGM MIRAGE and Infinity World Development Corp., a wholly-owned subsidiary of Dubai World. CityCenter will be a mixed-use luxury residential, resort and retail complex. It is currently being developed by MGM MIRAGE on the Las Vegas Strip.
In addition to investing in the joint venture, Dubai World through Infinity World Investments, will purchase up to 28.4 million shares of MGM MIRAGE representing approximately a 9.5 percent equity stake for a combined investment of approximately $2.4 billion.
Las Vegas Commercial Real Estate Mortgage Loan
MGM MIRAGE owns and operates 17 properties located in Nevada, Mississippi and Michigan, and has investments in three other properties in Nevada, New Jersey and Illinois. In addition, the company has major new developments under construction in Nevada, Michigan and Macau S.A.R.
Las Vegas Commercial Real Estate Mortgage Loan
Kerzner International Holdings Limited, through its subsidiaries, is an international developer and operator of destination resorts, casinos and luxury hotels. Istithmar Hotels FZE is a 100 per cent subsidiary of Istithmar PJSC, Dubai World's investment company. Istithmar's real estate division brings together Istithmar's interests in commercial property, hotels and resorts, the leisure sector and in retail. Dubai World is wholly owned by the Government of Dubai.
Las Vegas Commercial Real Estate Mortgage Loan
September 11, 2007
By Tonie Auer, Southwest Correspondent
MGM MIRAGE, Kerzner International Holdings Ltd. and Istithmar Hotels FZE entered into definitive agreements to develop a multi-billion dollar integrated resort property on the Las Vegas Strip on property valued at $20 million an acre.
MGM MIRAGE will provide the land for the resort and Kerzner and Istithmar will provide cash equity. MGM MIRAGE, Kerzner and Istithmar will own 50 percent, 25 percent, and 25 percent, respectively of the newly formed joint venture.
"When you look at the two partners that we teamed up with, these are internationally recognized global firms that share the vision we havel for the long term for the Vegas strip," Dan D'Arrigo, CFO of MGM MIRAGE, told CPN today. "As Las Vegas continues to grow and become a more diversified destination resort environment, we couldn't find better partners than these two to develop something phenomenal on this 40 acres. We plan to do something special with the long term in mind."
"Given the land values in Las Vegas and the scarcity of land each and every day, there will be quite a bit of vertical nature to the environment to maximize the 40 acres of land," D'Arrigo added. "This will definitely be another major resort that will take advantage of all the air rights that the parcel."
The project will be in the design and planning phase for the next 12 months and construction is expected to start in 2009 with an early 2012 completion.
The new resort will be designed for approximately 40 of the 78 acres of land owned by MGM MIRAGE, located on the corner of Las Vegas Boulevard and Sahara Avenue. Kerzner will lead the planning and conceptualization of this project. Construction will start in the first half of 2009 with a targeted 2012 opening, according to information from Kerzner.
Las Vegas Commercial Real Estate Mortgage Loan
On June 20, as reported by CPN, MGM MIRAGE and Kerzner announced their intent to form a 50/50 joint venture to develop a multi-billion dollar resort on the Las Vegas Strip. On Aug. 22, MGM MIRAGE and Dubai World announced their intent to forge a long-term strategic relationship whereby Dubai World will invest approximately $5 billion in MGM MIRAGE consisting of a $2.7 billion investment in CityCenter (pictured) and up to $2.4 billion in purchases of MGM MIRAGE common stock. The companies will enter into a 50/50 joint venture in the landmark CityCenter development in Las Vegas and Dubai World will acquire a significant minority equity position in MGM MIRAGE. At that time an MGM spokesperson told CPN, "Dubai World was impressed with MGM MIRAGE and strongly believed in our business" adding that, "This deal further validates that Las Vegas is a prominent development destination."
Las Vegas Commercial Real Estate Mortgage Loan
Furthermore, the spokesperson added that Dubai World sells more real estate at high prices than any other company in the world and has access to buyer pool that no one else does. "We wouldn't be surprised if we have increased activity and revenue (because of this access)," he said. "This is a case of one plus one may equal five."
Las Vegas Commercial Real Estate Mortgage Loan
The joint venture, CityCenter Holdings L.L.C., will be owned equally by MGM MIRAGE and Infinity World Development Corp., a wholly-owned subsidiary of Dubai World. CityCenter will be a mixed-use luxury residential, resort and retail complex. It is currently being developed by MGM MIRAGE on the Las Vegas Strip.
In addition to investing in the joint venture, Dubai World through Infinity World Investments, will purchase up to 28.4 million shares of MGM MIRAGE representing approximately a 9.5 percent equity stake for a combined investment of approximately $2.4 billion.
Las Vegas Commercial Real Estate Mortgage Loan
MGM MIRAGE owns and operates 17 properties located in Nevada, Mississippi and Michigan, and has investments in three other properties in Nevada, New Jersey and Illinois. In addition, the company has major new developments under construction in Nevada, Michigan and Macau S.A.R.
Las Vegas Commercial Real Estate Mortgage Loan
Kerzner International Holdings Limited, through its subsidiaries, is an international developer and operator of destination resorts, casinos and luxury hotels. Istithmar Hotels FZE is a 100 per cent subsidiary of Istithmar PJSC, Dubai World's investment company. Istithmar's real estate division brings together Istithmar's interests in commercial property, hotels and resorts, the leisure sector and in retail. Dubai World is wholly owned by the Government of Dubai.
Las Vegas Commercial Real Estate Mortgage Loan
Posted by: OhSoHandy User
Located: Las Vegas, NV
Contact: frederickfranks@anycreditmortgage.biz
(No map found for this address)