DUBAI (Reuters) – State-owned Dubai World said on Wednesday it had no “immediate” plans to raise its stake in MGM Mirage, the world’s second-largest casino operator, though it won the right to go as far as 14.9 percent.
The Michigan Gaming Board allowed Infinity World, a unit of Dubai World, to raise its holding in MGM, Dubai World said in a statement.
Still, that “does not necessarily mean that the company plans to increase its shareholding immediately,” it said. “The approval gives Dubai World an option to buy more shares beyond the 10 percent limit prior to getting licensed.”
Dubai World bought into MGM last year and now owns about 9 percent through Infinity World.
In August, Dubai World said it planned to invest up to $5.2 billion in MGM by buying a 9.5 percent stake and half of the casino company’s CityCenter development in Las Vegas.