September 17, 2007
Dubai World stakes claim in Las Vegas
Dubai World is taking a stake in more casino projects on the Las Vegas Strip with partner MGM Mirage Inc., the companies said this week.
A subsidiary of Dubai World’s investment arm, Istithmar Hotels FZE, will take a 25 per cent stake in a joint venture to develop a multibillion-dollar resort on the Strip, a project MGM revealed in June with Kerzner International Holdings.
Kerzner is to lead the planning of the project at the corner of Sahara Avenue and the Las Vegas Strip.
Construction is to begin in the first half of 2009 and the property is expected to open in 2012, said Kerzner International’s chief executive, Sol Kerzner, in a statement.
Dubai World said late last month it would invest more than $5 billion in MGM Mirage for a 50 per cent stake in its $7.4 billion City Center casino mega resort on the Strip and a 9.5 per cent stake in the company.
Dubai World is a holding company for the Persian Gulf state of Dubai.
Last month, a Dubai World subsidiary signed an agreement for control of the Barneys New York department store for $942.3 million.
A division of Dubai World also spent $100 million this year to buy the QE2, the majestic ocean liner that has carried millions of people across the Atlantic during its 40-year history.
|MOST POPULAR STORIES|
- OPG $1 billion proposal to bury nuclear waste up for comment
- Proposed Ambassador Bridge twinning draws Windsor mayor’s ire
- Construction on pedestrian tunnel to Billy Bishop Airport continues to make progress
- Ontario prompt payment bill to get second reading today
- Call for action after MOL says workers are responsible for their own safety
- 20 Most Popular Stories
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 316 projects with a total value of $2,787,806,637 that Reed Construction Data Building Reports reported on Friday.
$90,000,000 Richmond Hill ON Prebid
$82,000,000 White River Twp ON Tenders
$40,650,000 Markham ON Prebid
- VIDEO: Economic Update May 21, 2013
- VIDEO: Competing in the trades
- New ETFO headquarters a benchmark design
- Viana steps up to rebuild burnt down playground
- Random drug testing about site safety, says expert
- Trying to define the “lowest price”
- High job vacancy rates for small business
- Minto to assist in zero energy housing project
- Construction Site Arson
- Historic church renovation reaches new heights
- Hiring of foreign workers for hospital project outrages union
- Festival of Architecture hits Halifax
- Winnipeg Southwest Transitway wins award
- Vendor performance is key measurement
- NDP leader spoke to police about corruption
- Big contract down under for ATCO Structures
- RFQ issued for Kamloops hospital project
|ALEX’S ECONOMICS BLOG|
Reed Construction Data Canada’s Chief Economist Alex Carrick discusses current developments in the North American economic environment with emphasis on the construction industry.
- An Overview of Prices and Sales in the Diverging U.S. and Canadian Housing Markets (April 25, 2013)
- Canada’s Precarious Dependence on the Commodity Price Super-Cycle (April 22, 2013)
- Twenty major upcoming residential and transportation terminal construction projects - April 2013 (April 15, 2013)