Colony Capital LLC, a Los Angeles-based real estate firm, is considering a possible investment in the troubled City Center project in Las Vegas, according to people close to Colony and the City Center project.
An investment could keep the $8.6bn City Center project, owned by MGM Mirage and Dubai World, from bankruptcy. It could also keep the owners from halting work on the project, saving thousands of construction and hotel jobs vital to the local economy.
Colony is 'discussing with both parties any role they might play in helping City Center get completed without any court action,' a person close to MGM Mirage said.
Wall Street Journal