City Center is MGM's megcasino development currently under construction in Las Vegas. Last year, DubaiWorld joined the project and became part owner in the $5 billion deal.

DubaiWorld owns several banks and was seen as a reliable backer for this huge project.

However, having faced a tough year, both companies are having difficulty raising the $3.5 billion needed to complete CityCenter on time.

The financing should have gone through at the end of June, but Credit Suisse and Deutsche Bank are apparently holding things up. The current recession, which has affected the casino industry, has also put extra burden on the banks.

The last year has shown serious declines in revenue for casino operators and banks alike. In fact, Las Vegas has suffered the worst downturn in ten years. Banks are now refusing loans or tightening their conditions in a bid to protect themselves and are more reluctant to support casino developments.

All is not lost for CityCenter, whose funders have already put together $2 billion. MGM stock is now stable, but in the last year plummeted from $100 a share to less than $22 per share.