Dec. 28 -- Dubai World, the government-owned investment group, bought 5 million shares of MGM Mirage, boosting its stake in the world's second-largest casino company to 6.5 percent.
The group now holds 19.5 million shares of Las Vegas-based MGM, Dubai World said today in a U.S. Securities and Exchange Commission filing. Dubai bought the shares Dec. 26 for $424 million, or $84.80 a share, from the Lincy Foundation, a non- profit controlled by MGM majority shareholder Kirk Kerkorian.
Dubai World's investments include port operator DP World Ltd. and Barneys New York, a department store. On Dec. 26, its Istithmar World Real Estate fund completed the $1.15 billion sale of 230 Park Ave., a New York office building. If you have not already, google Dubai, you will see some amazing things.
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