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Dubai gambles on Las Vegas (MGM)

Posted Aug 22nd 2007 9:45AM by Michael Fowlkes (RSS feed)
Filed under: International Markets, Deals, From the Boards, Products and Services, Management, Industry, Competitive Strategy, Middle East

Over the past decade or so, Dubai has placed big bets on its ability to become the world's top tourist destination. Now Dubai is taking its plans to sin city itself, Las Vegas. Dubai World, which is the investment holding firm of the Dubai government, has decided to invest $5 billion in MGM Mirage (NYSE: MGM) for a 9.5% stake.

In addition, Dubai World will also be getting a 50% interest in the yet to be finished CityCenter development project.

Continue reading Dubai gambles on Las Vegas (MGM)

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