Dubai World and MGM Mirage have agreed to provide US$1.6 billion (Dh5.8bn) to finish building a huge new leisure complex on the Las Vegas strip in case outside financing cannot be secured.
The project, which is expected to open late next year, is currently under construction at a time when the recession has dried up American consumers' appetite for leisure activities.
MGM and its joint venture partner Dubai World have each agreed to make additional equity contributions of up to $959 million, the company said in a statement of acquisition on the US Securities and Exchange Commission website last week.
The CityCenter project is a mixed-use development, built on 30 hectares along the Las Vegas Strip between the Bellagio and Monte Carlo resorts. It will include a 61-storey, a 4,000-room hotel tower and 500,000 square feet of retail, dining and entertainment space.
In addition MGM said it had agreed to partially guarantee the completion of CityCenter through a commitment to contribute up to another $600m to the joint venture.
The partners said last month they had finalised $1.8bn in debt and received another $500m in commitments towards the $3bn in financing needed to complete the $9.1bn development.
Last month, MGM's third-quarter profit tumbled 67 per cent as gamblers stayed away from Las Vegas. Other casinos around the country also saw profits slump. On Friday, Trump Entertainment Resorts and Harrah's Entertainment both said they fell into the red during the third quarter. Trump reported a net loss of $139.1m in the third quarter, compared with a profit of $6.6m last year. Harrah's swung to a net loss of $129.7m, from last year's profit of $244.4m, on falling sales.
"This year the results for casinos and generally anyone who works in the gaming industry have been bad, given the fact that Americans now spend 106 per cent of their income and can't afford to gamble after the credit crunch," said Rohit Talwar, the chief executive of Fast Future, a UK-based hospitality consultancy.
However, from a long-term perspective, investing in the gaming sector might lead to more profitable outcomes, analysts predicted.
"As with all economic sectors, tourism and gambling have trackable life cycles, only gaming is more linear and sustained. On a global perspective, people will continue to visit places like Las Vegas, and they will continue to gamble there," said Andreas Braeuer, a senior consultant from PKF, Dubai-based business advisers to the hospitality sector. "Thus from a long-term investment perspective, investment in that sector is a viable undertaking."
Mr Talwar agreed. "I think in three years time the gaming industry will be back on its feet again, and this is a good opportunity for Gulf countries to invest in the sector when prices are low."
abakr@thenational.ae
Day 3 stumps
New Zealand 153 & 249
Pakistan 227 & 37-0 (target 176)
Pakistan require another 139 runs with 10 wickets remaining
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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Results
Stage 7:
1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29
2. Sam Bennett (IRL) Deceuninck-QuickStep - same time
3. Phil Bauhaus (GER) Bahrain Victorious
4. Michael Morkov (DEN) Deceuninck-QuickStep
5. Cees Bol (NED) Team DSM
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28
2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35
3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02
4. Chris Harper (AUS) Jumbo-Visma - 0:01:42
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
Rating: 4/5
Gran Gala del Calcio 2019 winners
Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
COMPANY%20PROFILE
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COMPANY%20PROFILE
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley