Connect with us

Dubai World Welcomes MGM’s $200M CityCenter Project Payment

Published

on

Dubai World Sunday welcomed a last-minute $200 million payment by MGM Mirage (MGM) for the CityCenter project in Las Vegas as a “sign of good faith”, but warned it was a temporary solution to the liquidity problems the casino operator is facing. MGM Mirage made a $200 million payment due Friday to its City Center project, including the $100 million owed by Dubai World, to keep the massive resort and casino project from halting construction and potentially falling into bankruptcy.

“Dubai World appreciates the support of MGM Mirage’s bank group and the CityCenter joint venture’s bank group in providing a waiver to its client that allows this payment,” the investment company, which is owned by the emirate’s government, said in an emailed statement. “It is as an acceptable, albeit temporary, solution to the liquidity issues that MGM Mirage is facing, which are at the heart of the lawsuit filed in Delaware earlier this week,” it said.

Last week, Infinity World – a subsidiary of Dubai World – sued MGM, alleging that the troubled casino operator breached the terms of their venture. MGM has said the suit is “completely without merit.” Dubai World has blamed MGM for massive cost overruns on City Center. Earlier this month, MGM reported it swung to a fourth-quarter net loss on a $1.2 billion write-down, and the company said it saw weakness in gaming and the economy in general in the first quarter.

read more: WSJ

SWFI First Read, September 19, 2018

Published

on

QIA Eyes Investment in Chinese Lender Lufax

The Qatar Investment Authority (QIA) is in talks about a possible investment into Shanghai-based Lufax, one of China’s largest online lenders. The seller of the possible stake is China’s Ping An Insurance (Group) Co. Ltd. Lufax’s official name is Shanghai Lujiazui International Financial Asset Exchange Co. Ltd.

Wealth Funds Back Hotpot Giant

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Japanese Government Capital Provides Initial Life for Texas Bullet Train

Published

on

Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

DOJ Investing Tesla Over Musk Comments

Published

on

The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.