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Crown Ltd. weighing a stake in CityCenter

6 April 2009

LAS VEGAS, Nevada -- As reported by The Wall Street Journal: "Australian billionaire and gambling magnate James Packer is weighing a stake in City Center, the troubled $8.6 billion Las Vegas development owned by MGM Mirage and Dubai World, according to a person familiar with the matter.

"Mr. Packer, whose Melbourne-based gambling company, Crown Ltd., has casinos in Australia and China, is discussing the possibility of an investment in the project with Colony Capital LLC, a Los Angeles-based investment firm, the person said.

"Colony and Crown 'would step in and take over the funding requirements. The idea is to keep CityCenter going,' said the person. MGM Mirage shares spiked 48% to $4.65 in 4 p.m. New York Stock Exchange composite trading on Friday.

"A Crown spokesman declined to comment on 'speculation" but said: 'Crown is always prepared to consider proposals or investment opportunities which are likely to add value for our shareholders.'

"There are many obstacles to overcome, and talks could fall apart or change direction at any time. But this person said MGM Mirage's lenders, who must approve the gambling company's payments to City Center, 'have got to come to reality quickly' and settle on a solution, which could include making room for new money at the table..."

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Crown Ltd. weighing a stake in CityCenter is republished from Online.CasinoCity.com.