BUSINESS BRIEFS
MGM Mirage payment helps buoy Vegas project
Advertiser News Services
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LOS ANGELES — MGM Mirage Inc. threw its $8.7 billion CityCenter casino project in Las Vegas a lifeline yesterday, agreeing to make a $200 million equity payment that includes the portion owed by its partner, Dubai World.
The casino giant, which is majority-owned by billionaire Kirk Kerkorian, was allowed to cover Dubai World's obligation under a waiver granted yesterday by the project's senior lenders.
The payment buys MGM Mirage time to work through a funding crisis amid a slowdown in gambling revenue in Las Vegas and let the company narrowly avert a bankruptcy filing.
AUTOMAKERS FACING TOUGHER CONCESSIONS
DETROIT — The Obama administration is likely to impose deeper concessions on Chrysler LLC and General Motors Corp. in exchange for additional federal loans, a person briefed on the government's plan said yesterday.The concessions could go beyond the requirements imposed by the Bush administration when it agreed to loan the automakers money last year, said the person, who asked not to be identified because the government's plans have not been revealed.
FUEL ECONOMY STANDARDS RAISED
WASHINGTON — The Transportation Department yesterday raised fuel economy standards for cars and light trucks to an industry-wide average of 27.3 miles per gallon for 2011 models, up two miles per gallon from 2010 models.The tighter rule will save about 887 million gallons of fuel and cut carbon dioxide emissions by 8.3 million metric tons, the Transportation Department said.Cars will have to meet a standard of 30.2 mpg; light trucks, 24.1 mpg.
