MGM Resorts International and Dubai World’s once-contentious partnership in the development of CityCenter on the Las Vegas Strip is coming to an end on good terms.
The Nevada Gaming Control Board recommended that the Nevada Gaming Commission approve MGM’s purchase of Dubai World, the Dubai government’s investment arm, on Wednesday.
In November 2007, just before the Great Recession hit the real estate industry, Dubai World purchased a 50% stake in the $9 billion CityCenter development.
Aria Resort & Casino, the then-named Mandarin Oriental hotel and condo tower (now Waldorf Astoria), Veer Towers condos, and the Vdara condo-hotel were all part of the project.
Due to construction flaws, the $400 million Harmon condo tower was later demolished.
Only the casino and Vdara remain from the joint venture, which opened in December 2009.
“Aria and Vdara are very successful businesses, and we’re looking forward to owning 100% of these businesses. The partnership has been a long and very successful one, but this will make it a more simplified structure for MGM Resorts to own all of CityCenter,” said Jonathan Halkyard, chief financial officer for MGM Resorts International.