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Dubai says No Immediate Plan to Up MGM Mirage Stake - ASHARQ AL-AWSAT English Archive
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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.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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