Dubai to Pay $5 Billion for MGM, Vegas Hotel Stakes |
| Bloomberg - Aug 22, 2007 |
Dubai agreed to pay $5 billion for a 9.5 percent stake in MGM Mirage and half of the Las Vegas casino owner's biggest development, giving controlling shareholder Kirk Kerkorian a partner as MGM expands into real estate.
State-owned Dubai World will pay $84 each for 28.4 million shares of MGM, 13 percent more than yesterday's closing price. It will invest $2.7 billion for the stake in MGM's CityCenter hotel- and-casino project in Las Vegas, the companies said today. The stock jumped 9.3 percent in early trading in New York.
MGM is shifting some of its focus from casinos to hotels, housing and entertainment complexes. Dubai state companies, flush with cash from real-estate sales and an oil- and debt-fueled economic boom, have announced bids and agreements for at least $13.5 billion of acquisitions this year, Bloomberg data show.
Read Full Article from Bloomberg
- Posted: 2007-08-22 09:15:55
| More Stock Investor Place Financial News |
 |
|
|
|
| Stock Investor Place Financial News Archive |
|
|
|
