Dubai World Looking For Gambling License In Nevada
Dubai World has been buying up stock in MGM. Their stock in MGM Mirage has prompted the company to apply for a state gambling license in Nevada.
The company, which has its control handled by Dubai, had purchased a 9.4 percent stake in MGM Mirage. They have committed %5.1 billion to that investment. Now, they are considering expanding their stock in the company, and that requires a state gambling license.
The state of Nevada requires a state gambling license from anyone who has more than a ten percent share in one of the state’s gambling companies. Dubai World has received permission from casino regulators in Michigan to up their share in MGM Mirage.
The approval would make the new shares being held by Dubai World 14.75. Dubai World would have needed the license in Nevada, anyway. They are fifty percent owners in CityCenter in Las Vegas.
In order for CityCenter to be operated, both companies have to have a gambling license. MGM Mirage already owns theirs, but Dubai World must now wait to be licensed.
The company has been increasing their stock in MGM Mirage. The two have partnered on the CityCenter project. The application for the gambling license was filed back in December on behalf of Dubai World.
