MGM Grand eyes development $

MGM Grand Inc. has filed with the Securities and Exchange Commission to allow it to borrow up to $1.5 billion in bank credit and more than $2 billion in other forms of subordinated debt to raise money for development projects and other corporate activities, the company announced Wednesday.

Combined with the Grand’s free cash flow from its casino and other operations, the financing package will help pay for the completion of its City of Entertainment at MGM Grand Las Vegas, as well as additional development plans and potential acquisitions.

MGM Grand owns the MGM Grand Hotel/Casino in Las Vegas, the MGM Grand Hotel/Casino in Darwin, Australia, and a 50% interest in the New York, New York Hotel/Casino in Las Vegas.

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