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Early this year, the company was in the grip of what Murren calls an "intense, very dire liquidity crisis." MGM Mirage's joint partner on CityCenter, the Dubai World subsidiary Infinity World, had sued MGM Mirage and stopped putting money into the project. Unable to find other sources of capital, the casino company was left with two choices: walk away from CityCenter or try to work out a deal with MGM Mirage's bankers. (See the 10 worst business deals...
Real estate broker David Brownell says a 30% discount might not be enough. Condos around the city that were selling for between $500,000 and $750,000 in 2004 are selling today for less than $300,000. Brownell says if he had marketing money to spend, "one of the last places I would think of trying to invest it is promoting [condos at] CityCenter. I don't think there's a great demand...
...Congress has allocated a total of $6 million to help address Agent Orange issues in Vietnam. Not only does the amount not begin to scratch the surface of the problem or get rid of the tons of toxic soil around the nation, but there are questions about how the money is being spent. And several parties have noted with growing frustration that the money is primarily going to study the issue and hire consultants rather than implementing measures to prevent new generations from being exposed. (See the ongoing effects of an industrial disaster in India...
...Charities in Danang have voiced concerns about how U.S. money is being spent when it comes to providing care to the disabled in the region. A portion of the $6 million allocated by Congress was awarded to humanitarian groups working with disabled residents around Danang. But it is difficult to find evidence of the money at work. Save the Children was given $400,000 to help people with disabilities find employment. But the sole case the organization cited for a reporter was their work finding a job for a college graduate with a hair lip. Another chunk went to equip...
...Groups caring for children born with horrific deformities from Agent Orange - such as malformed limbs and no eyes - are wondering why they haven't seen any of that money. Bedridden and unable to feed themselves, many patients need round-the-clock care. As they age, and parents die, who is going to look after them? asks Nguyen Thi Hien, director of the Danang Association of Victims of Agent Orange. She says donations to her group, which cares for 300 children, are down 50% because there is a belief that local charities are flush with cash thanks...