Sam Morris / Las Vegas Sun
Friday, Jan. 21, 2011 | 11:24 a.m.
The world's most expensive casino development has raised $1.5 billion to pay down existing debt.
Officials for CityCenter on Friday said the new notes and $77 million in contributions from owners MGM Resorts International and Dubai World reduced the balance of its debt from $1.85 billion to $500 million.
The due date on that balance has been extended to Jan. 21, 2015.
The casino complex that cost $8.7 billion to build raised $900 million by selling notes due in 2016 and $600 million from notes due in 2017.
MGM Resorts CEO Jim Murren says the financing puts CityCenter on solid ground for the long term and lets it focus on operations.
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