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Dubai takes a punt on Las Vegas
DUBAI – It may frown on gambling at home, but the government of Dubai said yesterday it would invest as much as US$5 billion in Kirk Kerkorian’s MGM Mirage, the world’s second largest casino company.
London’s Daily Telegraph reported that the investment comes as Kerkorian, who owns 54 percent of MGM, wants to develop more hotel, housing and entertainment complexes to lessen the company’s dependence on gambling.
Government-owned investment company Dubai World will buy a 9.5 percent stake in MGM with an option to take that to 20 percent.
It will also spend US$2.7bn on a 50 percent stake in CityCentre – a huge hotel and casino complex MGM is planning for Las Vegas’s Strip.
MGM already owns the Mirage, Luxor and Bellagio among its Las Vegas Strip properties.
Dubai World runs businesses for the Gulf state including the man-made Palm Islands off the coast, container-port operator DP World and private equity firm Istithmar.
Dubai tourism authorities have repeatedly denied that they will allow casinos to be part of the emirate’s entertainment menu.
Ian Jarrett
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