CityCenter gets commitments for more than half of $3 billion financing package

By Sara Rosenberg

New York, Aug. 5 - CityCenter is currently working with several relationship lenders regarding a $3 billion financing package and has so far received firm commitments totaling $1.65 billion from the lead banks, company officials said in a conference call Tuesday.

The lead banks include Bank of America, Royal Bank of Scotland, UBS, BNP Paribas and Sumitomo Mitsui.

In addition, on top of the $1.65 billion in lead bank commitments, CityCenter has received commitments from Deutsche Bank, Morgan Stanley and the Bank of Nova Scotia, officials said in the call.

The company declined to comment on how much these other banks have committed towards the deal.

Proceeds will be used for project financing.

"In an unprecedented credit market, CityCenter has received to date well over half of the financing committed from these institutions and anticipates finalizing its bank financing this quarter," said Dan D'Arrigo, executive vice president and chief financial officer of MGM Mirage, in a news release.

CityCenter, a joint venture between MGM Mirage and Dubai World, is a mixed-use development, built on 76 acres along the Las Vegas Strip between the Bellagio and Monte Carlo resorts.

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