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MGM Mirage says Dubai lawsuit ‘without merit’

By Martin Morris

Wednesday, 25 March 2009 1:29 AM

Debt laden US hotels and casinos operator, MGM Mirage, has responded to a lawsuit filed Monday by Las Vegas CityCenter project joint venture partner and Dubai World subsidiary, Infinity World.In an e-mailed statement MGM spokesman Alan Feldman said: "The lawsuit filed yesterday (Monday) by a subsidiary of Dubai World is completely without merit.

''Dubai World is well aware of our written commitment to meet our funding obligations and that MGM Mirage has available cash to satisfy those obligations.

"MGM Mirage is ready, willing and able to fund its share of the costs to complete CityCenter, including a required payment this week."

On Monday Dubai World's Infinity World subsidiary filed a lawsuit against MGM Mirage because of its concern about the viability of their $8.6 billion joint venture project under construction on the Las Vegas Strip.

The 67 acre project is under a cloud after SEC returns filed by MGM indicated it may breach its debt repayment obligations. MGM Mirage is currently saddled with $13 billion of debt.

In the lawsuit, Infinity specifically asks the court to relieve it of its responsibilities in the venture and to award unspecified damages. However, company officials have said they hope to complete the project with MGM when it emerges from its financial problems.

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