Wednesday, April 29, 2009

CityCenter Saved
MGM Mirage and Dubai World have reached an agreement with their lenders to continue to fund the construction of the massive CityCenter development in the heart of the Las Vegas Strip. A CityCenter implosion would have devastated the Las Vegas economy. If this transaction is a harbinger for real estate finance it is good for all of real estate. On the other hand, it could also be a case of "too big to fail."

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