Las Vegas Sun

May 28, 2023

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CityCenter raises $1.5 billion to reduce debt

An Inside Look at Veer Towers

Sam Morris / Las Vegas Sun

The sweeping forms of Aria are visible from a two-bedroom apartment at Veer Towers at CityCenter.

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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