NEW YORK – MGM Mirage said Monday that its CityCenter project on the Las Vegas Strip completed the first phase of a $3 billion financing package by securing a $1.8 billion bank credit facility.

MGM said the credit facility, which matures in April 2013, is expected to be increased to $3 billion as more commitments are received. CityCenter is a joint development with Dubai World.

The facility for CityCenter is initially priced at LIBOR plus 3.75 percent through the construction period, MGM said.

Earlier on Monday, MGM said its senior bank credit facility has been amended, increasing the maximum total leverage ratio.

Amid a broad stock market decline, MGM shares were trading down about 12 percent at $18.40.