Edelman is handling Dubai World as the holding company
for that emirate is shelling out $5B for a 9.5 percent stake
in Kirk Kerkorian's MGM Mirage.
The 90-year-old billionaire will control a 52 percent stake
in MGM following the cash infusion by the Persian Gulf state.
The deal makes DW a 50 percent owner of MGM's City Center
project, a 76-acre development in Las Vegas set to open
in '09 with upscale hotels, retailers and condos.
DW can purchase up to 20 percent of MGM, which controls
a third of the Las Vegas Strip and half of the city's hotel
space. Its properties include Bellagio, Mandalay bay, Mirage,
New York New York, Monte Carlo and Circus Circus.
Gambling is illegal in Dubai, which made an ill-fated play
for control of U.S. ports/terminals last year.
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