Jim Murren, MGM Mirage President said last week that the casino and hotel operator has secured another $2.3 billion of the funds needed to complete its Las Vegas CityCenter project. However, Murren says he’s confident MGM will get the remaining $700 million by the end of September.

Only a few weeks ago, MGM Mirage representatives declared that a $1.65 billion were secured from the $3 billion needed to complete the project. Several banks and even Wall Street expressed concern over the problems MGM Mirage faced to obtain the funds to finish the project. During MGM Mirage's second-quarter earnings conference call on August 5^th, Murren said that such comments were simply exaggerated and that there were no delays in completing CityCenter, which is expected to be ready by 2009.

CityCenter has been labeled as the most expensive private commercial development in the United States, the project, which is a 50/50 venture between MGM and Dubai World, includes six towers, a hotel and casino, residential condominiums, boutique hotels and a 500,000-square-foot shopping center, dining area and entertainment compound.

Murren also expressed that Las Vegas hotel and casino operator received an assurance this week for $300 million from China Construction Bank, which follows the latest commitments for $250 million from four other banks.

While he expects to get the remaining funds before the September deadline, Murren said the negotiations with banks have focused on "a spirited debate over pricing." MGM Mirage spokesman Alan Feldman also said the company assured a small portion of the project's construction to Tishman Construction Corp, which according to the deal will supervise the building work at the Harmon Hotel, one of five boutique hotels and condominiums located inside the CityCenter.

Feldman said the deal with Tishman will free Perini Construction, CitiCenter’s primary builder, from handling the entire construction volume by transferring a portion of the construction works to Tishman and some of its subcontractors.

Tishman also supervised about 800 workers at the $4.8 billion Echelon, a Boyd Gaming project that was work put on hold only a few weeks ago due a series of financial issues.