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Dec 3, 2009

Tiffany & Co. will be the first retailer to open its doors inside the much anticipated Crystals at CityCenter during an elegant ribbon cutting ceremony and a special Breakfast at Tiffany event.

The new two-level Tiffany store will showcase the jeweler’s spectacular diamonds, exclusive Tiffany & Co. collections and introduce limited-edition jewelry that is available exclusively at the new location.

The new two-level Tiffany & Co. store will face Las Vegas Boulevard and will be located in Crystals, CityCenter’s 500,000-square-foot retail and entertainment district designed by Studio Daniel Libeskind and Rockwell Group featuring a brilliant crystalline canopy and stunning interior spaces.

The approximately 10,000-square-foot store features an 85-foot-high glass façade that is canted slightly over the street and shaped like a diamond, the sparkling gemstone at the center of Tiffany’s great heritage. The façade incorporates the store’s entrance of polished black granite framing deco-inspired stainless steel doors, and serves as a great window that reveals the store’s interior with its spiral steel and glass staircase and curved, multi-layered ceiling.

Previously:

Crystals at CityCenter

CRYSTALS AT CITYCENTER REVEALS UNPARALLELED NEW COLLECTION OF LUXURY RETAILERS AND RESTAURANTS

LAS VEGAS – July 6, 2009 – CityCenter, the spectacular multi-use development opening later this year on the Las Vegas Strip, announced today an unparalleled collection of unique luxury retailers and restaurateurs that will join the already outstanding lineup at Crystals. The 500,000 square-foot retail and dining district is certain to become Las Vegas’ premier shopping experience.

Opening December 3, Crystals will showcase an unprecedented array of the world’s most exclusive retailers including many flagship stores. For many of these brands, the Crystals’ location will represent their largest in Las Vegas, the United States, or in some cases, the world.

Large-format luxury retailers that will establish Crystals as a preeminent international shopping destination include Prada, Christian Dior, Bulgari, Carolina Herrera, Hermes, Roberto Cavalli, Cartier, Van Cleef & Arpels and Versace. These esteemed brands will join previously announced retailers Louis Vuitton, Tiffany & Co. and Ermenegildo Zegna.

Unique-to-the-market retailers opening their first locations in Las Vegas include Tom Ford, Assouline, Kiton, Miu Miu, Paul Smith and Porsche Design, along with the previously announced de Grisogono, H. Stern, Marni, Boutique Tourbillon and Mikimoto. Restaurants opening their first Las Vegas locations at Crystals include Eva Longoria Parker’s Beso and Mastro’s Ocean Club Seafood House. These dynamic restaurants will join an exciting new Pub concept by Todd English and two previously announced new concepts by Wolfgang Puck.

Other prestigious retailers joining Crystals’ luminous lineup include Bally, Emilio Pucci and Ilori. Additionally, Dale Chihuly will introduce a stunning new gallery.

The Taubman Company, the world’s leading developer of upscale shopping centers, is responsible for the leasing of Crystals.
“We’ve assembled an extraordinary collection of retailers and restaurateurs to make Crystals one of the world’s most unique shopping and entertainment districts when it opens this December,” said Frank Visconti, president of retail for CityCenter. “Crystals will delight guests with its unique architecture, awe-inspiring interior design, brilliant art and intriguing water features. These experiential offerings, coupled with exclusive items from the industry’s most celebrated brands, will make Crystals a premier social and cultural environment in the heart of CityCenter.”

MGM MIRAGE, DUBAI WORLD AND CITYCENTER’S LENDERS
REACH AGREEMENT FOR COMPLETION OF CITYCENTER
29 Apr 2009

Project Receives Approval for Full Financing
Dubai World Dismisses Lawsuit Against MGM MIRAGE

LAS VEGAS, Nevada and DUBAI, United Arab Emirates, April 29, 2009 – MGM MIRAGE (NYSE: MGM) and Dubai World through subsidiary Infinity World, 50/50 joint venture partners in the CityCenter project, today announced that the companies have reached an agreement on a revised joint venture agreement and also reached an agreement with CityCenter’s lenders on a comprehensive plan to fully fund the completion of CityCenter for its scheduled opening later this year.

Under the plan, Dubai World and MGM MIRAGE will fund their remaining equity contributions to CityCenter through letters of credit. In addition, CityCenter’s lenders will immediately fund the full $1.8 billion senior secured credit facility. Additionally, Dubai World will dismiss its lawsuit filed against MGM MIRAGE in Delaware Chancery Court on March 22, 2009, and Dubai World and MGM MIRAGE will exchange mutual releases.

“We are pleased that MGM MIRAGE and Dubai World, with the strong support of CityCenter’s lenders, have agreed to a comprehensive plan for the financing and completion of CityCenter,” said Jim Murren, Chairman and CEO of MGM MIRAGE and Chris O’Donnell, Dubai World’s Director of the CityCenter joint venture. “CityCenter is now fully funded and on track to open in December 2009,” they said.

“CityCenter will be unlike anything anyone has seen in Las Vegas or anywhere else. We are confident in the potential of CityCenter to contribute significantly to our cash flow,” said Mr. Murren. “CityCenter is a powerful engine for growth and employment in Las Vegas and Nevada. With all funding in place, we will focus, along with our partner, on planning for an exciting opening in December and continuing to book rooms and conventions. We appreciate greatly the strong support of our lenders, who share our vision as to the importance of this project to the Las Vegas community and the entire state of Nevada.”

Mr O’Donnell said, “This agreement provides a stable financial framework for one of the most exciting destination resort development projects ever to be constructed. MGM MIRAGE is the industry’s premier luxury hotel, resort and casino developer and operator. We believe CityCenter has a bright future and will benefit both the partners and the local economy, and we look forward to working with MGM management to realize that potential.”

Key terms of the various agreements include:

– MGM MIRAGE will be responsible for completion costs to the extent net condominium proceeds are less than $243 million and for completion costs in excess of the current budget of $8.5 billion.
– Dubai World has agreed to fully fund its original sponsor contributions to CityCenter, including $135 million in payments previously funded by MGM MIRAGE on Dubai World’s behalf. Dubai World is relieved of all completion guarantees.
– Until the completion of CityCenter, MGM MIRAGE’s obligations with respect to additional construction costs, if any, will be supported by the assets of Circus Circus Las Vegas and certain adjacent land through a completion guarantee.
– The CityCenter credit facility has been amended as part of the global financing plan. Such amendments include:
– The facility will mature on June 30, 2012.
– The interest rate margin was increased by 2.00%, though such amount is “pay in kind” through September 2010, with additional periodic margin increases through the term of the facility.
– Condominium proceeds of up to $250 million may be used to pay for construction costs; 30% of net condominium proceeds in excess of $250 million will be applied to reduce outstanding borrowings under the credit facility, with the remaining 70% available as distributable cash upon CityCenter satisfying certain performance criteria.
– Certain financial covenants were modified to provide CityCenter with greater flexibility during its first 18 months of operations.

Evercore Partners served as financial advisor to MGM MIRAGE and Moelis & Company and Perella Weinberg Partners served as financial advisors to Dubai World. Glaser, Weil, Fink, Jacobs, Howard & Shapiro, LLP and Morrison & Foerster served as legal advisors to MGM MIRAGE and Paul, Hastings, Janofsky & Walker LLP and Quinn Emanuel Urquhart, Oliver & Hedges served as legal advisors to Dubai World.

Location: Las Vegas, Nevada, USA

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