Buyers eye stake in Dubai-backed Vegas casino

Buyers are reportedly vying for a luxury mall within the US$8.5bn Las Vegas casino complex co-owned by investment firm Dubai World, potentially raising a “tremendous” amount of money for the debt-ridden development. Chairman of joint venture partner MGM Resorts International chairman Jim Murren said he had been approached by several buyers interested in CityCenter's Crystals luxury mall, which includes high-end fashion outlets Jimmy Choo, Hermes, Harry Winston and Gucci, Reuters reported. CityCenter is the largest casino on the Las Vegas Strip but has struggled since opening in 2009 and Standard & Poor’s has said it may not be able to generate enough cash flow to justify its capital expenditure. The project was refinanced in 2010, with the proceeds used to pay down debt and extend the due dates on loans used to build the complex.