The Dubai World group which is a major stake holder in the upcoming City Center project in Las Vegas has offered a proposed plan to attempt to rescue the project from complete bankruptcy.

The mammoth building structure and vision of hotels, condos, casinos and shopping venues has an estimated cost of over $8.6 billion US dollars and was scheduled to be completed this year.

The plan that is proposed by the organization is an investment of $3 billion dollars by all the project leaders including MGM Mirage, The Dubai World Group and the other investment lenders that are currently involved in the plan.

The infusion of money by these companies would leave enough money for the plans to be completed according to course and would allow for the loaned sums to be less in capacity than what they would be if extra lending was required to continue.

With the economy at its lowest, the future of this project does not look as bright as when the project was planned and the schedules were made.

Another proposed solution is an alternative investment infusion that is on the tables from Colony Capital LLC, which has proposed investing in the project to protect the company from potential bankruptcy and keep the companies involved out of courts and in the talks for a brighter future.

This entry was posted on Monday, April 13th, 2009 at 11:20 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.