Posts Tagged ‘infinity world’

Partner Company Sues MGM Mirage

Sunday, March 29th, 2009

It seems that more ad news just recently came in for the people of MGM Mirage in Las Vegas. Now a property developer called Dubai World and its subsidiary Infinity World is apparently suing the company in the Delaware Chancery Court for supposedly committing abreach of their joint-venture agreement. The two businesses had put a project they had both been working on had been put at risk by MGM. Infinity World has been one of the main partners with MGM Mirage in terms of developing the vast and incredibly expensive City Center project. The City Center project is one of the largest undertakings in big developments on the Las Vegas strip in many years. The originally estimated budget has been bumped up substantially time and time again

City Center has been highly touted for being the next big thing for the city of sin. It is a huge luxury resort, residential and retail complex that was developed by MGM and a small select number of other contributing financial partners. It covers a whopping 67 acres between the Monte Carlo and the Bellagio.

 

This is the sort of debacle that online casinos have a very easy time avoiding. Land-based casinos more and more are having an increasingly difficult time attracting enough visitors to keep their revenue numbers up. Online casinos, on the other hand, have not had this problem. Despite the sad and weary economy, the online casino business have flourished. The same cannot be said for many of the casinos in Las Vegas. So far the City Center project has cost a staggering $8.6 billion.

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